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94TH GENERAL ASSEMBLY
State of Illinois
2005 and 2006
SB2506
Introduced 1/18/2006, by Sen. Iris Y. Martinez SYNOPSIS AS INTRODUCED:
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Creates the Public School Teachers' Pension and Retirement Fund of Chicago Continuing Appropriation Act. Provides for appropriations from the Common School Fund to the Public School Teachers' Pension and Retirement Fund of Chicago on a continuing monthly basis beginning July 1, 2006, the greater of the amount of one-twelfth of $65,044,700 or the amount of the vouchers for required State contributions lawfully submitted by the Board of Trustees of the Public School Teachers' Pension and Retirement Fund of Chicago for that month under the School Code. Provides for distribution of the appropriation on the 15th day of each month. Effective immediately.
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| FISCAL NOTE ACT MAY APPLY | |
PENSION IMPACT NOTE ACT MAY APPLY |
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A BILL FOR
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SB2506 |
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LRB094 16606 AMC 51868 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 1. Short title. This Act may be cited as the Public |
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| School Teachers' Pension and Retirement Fund of Chicago |
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| Continuing Appropriation Act.
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| Section 5. Appropriations for the Public School Teachers' |
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| Pension and Retirement Fund of Chicago. There is appropriated |
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| from the Common School Fund to the Public School Teachers' |
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| Pension and Retirement Fund of Chicago on a continuing monthly |
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| basis beginning July 1, 2006, the greater of the amount of |
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| one-twelfth of $65,044,700 or the amount of the vouchers for |
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| required State contributions lawfully submitted by the Board of |
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| Trustees of the Public School Teachers' Pension and Retirement |
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| Fund of Chicago for that month under Section 18-7 of the School |
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| Code.
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| Section 10. Monthly distribution. Beginning in fiscal year |
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| 2007, the amount appropriated to the Public School Teachers' |
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| Pension and Retirement Fund of Chicago under Section 5 of this |
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| Act shall be distributed to the Retirement Fund on the 15th day |
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| of each month. A voucher submitted under this Act shall be paid |
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| by the State Comptroller and Treasurer by warrants drawn on |
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| funds appropriated to the Retirement Fund.
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| Section 15. Construction. Nothing in this Act shall be |
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| construed, interpreted, or otherwise viewed to imply an |
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| authorization, desire, or intent to merge or in any other way |
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| combine the Public School Teachers' Pension and Retirement Fund |
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| of Chicago with any other pension fund.
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| Section 99. Effective date. This Act takes effect upon |
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| becoming law.
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