95TH GENERAL ASSEMBLY
State of Illinois
2007 and 2008
HB1228

 

Introduced , by Rep. Richard T. Bradley

 

SYNOPSIS AS INTRODUCED:
 
40 ILCS 5/17-128.1 new

    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.


LRB095 04412 AMC 24457 b

FISCAL NOTE ACT MAY APPLY
HOUSING AFFORDABILITY IMPACT NOTE ACT MAY APPLY
PENSION IMPACT NOTE ACT MAY APPLY

 

 

A BILL FOR

 

HB1228 LRB095 04412 AMC 24457 b

1     AN ACT concerning public employee benefits.
 
2     Be it enacted by the People of the State of Illinois,
3 represented in the General Assembly:
 
4     Section 5. The Illinois Pension Code is amended by adding
5 Section 17-128.1 as follows:
 
6     (40 ILCS 5/17-128.1 new)
7     Sec. 17-128.1. Contributions from taxes. The Board of
8 Education shall levy a tax annually at a rate on the dollar of
9 the value, as equalized or assessed by the Department of
10 Revenue, of all taxable property in the City, which, when
11 extended, will produce the following sums: for the fiscal and
12 school year 2007 and each subsequent year, an amount equal to
13 the amount of member contributions during the fiscal and school
14 year 2 years prior to the year for which the annual applicable
15 tax is levied; provided, however, that the tax shall be levied
16 at a rate not to exceed .26% upon the equalized assessed value
17 of all taxable property in the City, based on the Board of
18 Education's estimate of that value for the year for which the
19 tax is levied. As used in this Section, "member contributions"
20 means and includes all contributions paid into the Fund by
21 members or made on behalf of members by the Board of Education
22 for service retirement and disability retirement pensions, for
23 survivors' and children's pensions, and for automatic annual

 

 

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1 increases in pensions; provided, however, that any member
2 contributions that are made by the Board of Education on behalf
3 of its employees shall be treated as member contributions for
4 purposes of this Section for the fiscal year for which the
5 Board of Education incurred the obligation to make such
6 contributions. Proceeds of this tax may be used by the Board of
7 the Fund for the purpose of making employer contributions under
8 Section 17-129. This tax shall be known as the Public School
9 Teachers' Pension and Retirement Fund and Pension Contribution
10 Tax.
11     If teachers are paid from special trust or federal funds
12 which are administered by the Board of Education, the Board of
13 Education shall pay to the fund from such special trust or
14 federal funds the full accruing pension costs based upon such
15 services as determined by the Board of Trustees of the Fund.
 
16     Section 99. Effective date. This Act takes effect upon
17 becoming law.