Bill Text: IL HB1454 | 2015-2016 | 99th General Assembly | Introduced

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Bill Title: Amends the Chicago Teacher Article of the Illinois Pension Code. Provides that the Chicago Board of Education shall levy a property tax annually at a rate that will produce an amount equal to the amount of member contributions to the Chicago Teachers' Pension Fund during the fiscal year 2 years prior to the year for which the tax is levied, subject to a maximum rate of .26%. Provides that the Board of Education shall use the proceeds of the tax for the purpose of making employer contributions to the Fund. Effective immediately.

Spectrum: Partisan Bill (Democrat 1-0)

Status: (Introduced - Dead) 2015-03-27 - Rule 19(a) / Re-referred to Rules Committee [HB1454 Detail]

Download: Illinois-2015-HB1454-Introduced.html

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99TH GENERAL ASSEMBLY State of Illinois 2015 and 2016 HB1454 Introduced , by Rep. Marcus C. Evans, Jr. SYNOPSIS AS INTRODUCED:
40 ILCS 5/17-128.1 new
Amends the Chicago Teacher Article of the Illinois Pension Code. Provides that the Chicago Board of Education shall levy a property tax annually at a rate that will produce an amount equal to the amount of member contributions to the Fund during the fiscal year 2 years prior to the year for which the tax is levied, subject to a maximum rate of .26%. Provides that the Board of Education shall use the proceeds of the tax for the purpose of making employer contributions to the Chicago Teachers' Pension Fund. Effective immediately.
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FISCAL NOTE ACT MAY APPLY HOUSING AFFORDABILITY IMPACT NOTE ACT MAY APPLY PENSION IMPACT NOTE ACT MAY APPLY
A BILL FOR
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AN ACT in relation to 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. Tax Levy. Contribution 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 2016 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 .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'

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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 shall be used by the Board of
Education for the purpose of making employer contributions to
the Fund under Section 17-129. This tax shall be known as the
Public School Teachers' Pension and Retirement Fund and Pension
Contribution Tax.
Section 99. Effective date. This Act takes effect upon
becoming law.