HB4299 95TH GENERAL ASSEMBLY

LRB095 14499 AMC 40406 b

95TH GENERAL ASSEMBLY
State of Illinois
2007 and 2008
HB4299

Introduced , by Rep. Angelo Saviano

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.

FISCAL NOTE ACT MAY APPLY

HOUSING AFFORDABILITY IMPACT NOTE ACT MAY APPLY

PENSION IMPACT NOTE ACT MAY APPLY

A BILL FOR

AN ACT concerning public employee benefits.

Be it enacted by the People of the State of Illinois, represented in the General Assembly:

Section 5. The Illinois Pension Code is amended by adding Section 17-128.1 as follows:

(40 ILCS 5/17-128.1 new)

Sec. 17-128.1. Contributions from taxes. The Board of Education shall levy a tax annually at a rate on the dollar of the value, as equalized or assessed by the Department of Revenue, of all taxable property in the City, which, when extended, will produce the following sums: for the fiscal and school year 2008 and each subsequent year, an amount equal to the amount of member contributions during the fiscal and school year 2 years prior to the year for which the annual applicable tax is levied; provided, however, that the tax shall be levied at a rate not to exceed 0.26% upon the equalized assessed value of all taxable property in the City, based on the Board of Education's estimate of that value for the year for which the tax is levied. As used in this Section, "member contributions" means and includes all contributions paid into the Fund by members or made on behalf of members by the Board of Education for service retirement and disability retirement pensions, for survivors' and children's pensions, and for automatic annual increases in pensions; provided, however, that any member contributions that are made by the Board of Education on behalf of its employees shall be treated as member contributions for purposes of this Section for the fiscal year for which the Board of Education incurred the obligation to make such contributions. Proceeds of this tax may be used by the Board of the Fund for the purpose of making employer contributions under Section 17-129. This tax shall be known as the Public School Teachers' Pension and Retirement Fund and Pension Contribution Tax.

If teachers are paid from special trust or federal funds which are administered by the Board of Education, the Board of Education shall pay to the fund from such special trust or federal funds the full accruing pension costs based upon such services as determined by the Board of Trustees of the Fund.

Section 99. Effective date. This Act takes effect upon becoming law.