SB3402 - 104th General Assembly (2025-2026)

PEN CD-CHI MUNI-BOARD OF ED
Last Action
2/04/2026 - Senate: Referred to Assignments
Statutes Amended In Order of Appearance
40 ILCS 5/8-173  from Ch. 108 1/2, par. 8-173
40 ILCS 5/8-173.2 new  
30 ILCS 805/8.50 new  
Synopsis As Introduced
Amends the Chicago Municipal Article of the Illinois Pension Code. Beginning February 1, 2027, requires the Board of Education of the City of Chicago to make an annual contribution equal to the normal cost for all the employees of the Board of Education under the Article on and after the effective date of the amendatory Act and an apportioned contribution toward the unfunded actuarial accrued liability of the fund equal to the percentage of the Fund's total current unfunded liability that is attributable to service credit earned by employees of the Board of Education of the city prior to January 1, 1994. Provides that the amount of the liability shall be determined by the Fund's actuary and amortized in a manner consistent with the statutory funding schedule applicable to the Fund, including the requirement to achieve a funded ratio of not less than 90% by the applicable target year. Makes a conforming change. Amends the State Mandates Act to require implementation without reimbursement. Effective immediately.
Actions
DateChamberAction
2/04/2026SenateFiled with Secretary by Sen. Robert F. Martwick
2/04/2026SenateFirst Reading
2/04/2026SenateReferred to Assignments