Bill Status of SB 3628   97th General Assembly

Short Description:  PEN CD-CHI TCHR-STATE FUNDING

Senate Sponsors
Sen. Kwame Raoul-Iris Y. Martinez

Last Action  View All Actions

DateChamber Action
  1/8/2013SenateSession Sine Die

Statutes Amended In Order of Appearance
40 ILCS 5/17-127from Ch. 108 1/2, par. 17-127
40 ILCS 5/17-129from Ch. 108 1/2, par. 17-129

Synopsis As Introduced
Amends the Chicago Teacher Article of the Illinois Pension Code. Provides that, beginning in State fiscal year 2013, the State shall make annual contributions to the Fund. For State fiscal year 2013, the contribution shall be $270,347,800. For each year thereafter, the Board shall certify to the Governor by December 15th the amount of the required State contribution for the coming fiscal year. The certified contribution shall be equal to 10% of the certified State contribution to the downstate Teachers' Retirement System. In a provision that reduces the required annual Board of Education contribution to the Fund by the amount of any State contribution, makes the reduction apply only if the Board has certified in the previous fiscal year that the total assets of the Fund are at least 90% of the total actuarial liabilities of the Fund. Effective immediately.

Actions 
DateChamber Action
  2/10/2012SenateFiled with Secretary by Sen. Kwame Raoul
  2/10/2012SenateFirst Reading
  2/10/2012SenateReferred to Assignments
  2/22/2012SenateAssigned to Pensions and Investments
  3/1/2012SenatePostponed - Pensions and Investments
  3/7/2012SenateAdded as Chief Co-Sponsor Sen. Iris Y. Martinez
  3/9/2012SenateRule 2-10 Committee Deadline Established As March 30, 2012
  3/30/2012SenateRule 2-10 Committee/3rd Reading Deadline Established As April 26, 2012
  4/26/2012SenateRule 3-9(a) / Re-referred to Assignments
  1/8/2013SenateSession Sine Die

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