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94TH GENERAL ASSEMBLY
State of Illinois
2005 and 2006
HB4690
Introduced 1/12/2006, by Rep. Calvin L. Giles SYNOPSIS AS INTRODUCED:
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Amends the Chicago Teacher Article of the Illinois Pension Code. Authorizes the Board of Education of the City of Chicago to levy a Public School Teachers' Pension and Retirement Fund and Pension Contribution Tax. Provides that proceeds of the tax may be used by the Board of Trustees of the Public School Teachers' Pension and Retirement Fund of Chicago for the purpose of making employer pension contributions. Effective immediately.
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| FISCAL NOTE ACT MAY APPLY |
HOUSING AFFORDABILITY IMPACT NOTE ACT MAY APPLY |
PENSION IMPACT NOTE ACT MAY APPLY |
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A BILL FOR
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HB4690 |
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LRB094 16873 AMC 52152 b |
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| AN ACT concerning public employee benefits.
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| Be it enacted by the People of the State of Illinois,
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| represented in the General Assembly:
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| Section 5. The Illinois Pension Code is amended by adding |
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| Section
17-128.1 as follows:
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| (40 ILCS 5/17-128.1 new)
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| Sec. 17-128.1. Contributions from taxes. The Board of |
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| Education shall levy a tax annually at a rate on
the dollar of |
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| the value, as equalized or assessed by the Department of
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| Revenue, of all taxable property in the City, which, when |
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| extended, will
produce the following sums: for the fiscal and |
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| school year 2006 and each
subsequent year, an amount equal to |
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| the amount of member contributions
during the fiscal and school |
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| year 2 years prior to the year for which the
annual applicable |
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| tax is levied; provided, however, that the tax shall
be levied |
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| at a rate not to exceed .26% upon the equalized assessed value |
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| of
all taxable property in the City, based on the Board of |
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| Education's
estimate of that value for the year for which the |
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| tax is levied. As used
in this Section, "member contributions" |
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| means and includes all
contributions paid into the Fund by |
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| members or made on behalf of members by
the Board of Education |
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| for service retirement and disability
retirement pensions, for |
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| survivors' and children's pensions, and for
automatic annual |
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| increases in pensions; provided, however, that any member
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| contributions that are made by the Board of Education on behalf |
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| of its
employees shall be treated as member contributions for |
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| purposes of this
Section for the fiscal year for which the |
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| Board of Education incurred the
obligation to make such |
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| contributions. Proceeds of this tax may be used by the Board of |
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| the Fund for the purpose of making employer contributions under |
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| Section 17-129. This tax shall be known as the Public School
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| Teachers' Pension and Retirement Fund and Pension Contribution |