Illinois SB 3402: PEN CD-CHI MUNI-BOARD OF ED

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 Full Text of SB3402

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104TH GENERAL ASSEMBLY 
State of Illinois 
2025 and 2026
SB3402

Introduced 2/4/2026, by Sen. Robert F. Martwick 

SYNOPSIS AS INTRODUCED:

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

 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.

LRB104 18509 RPS 31951 b

STATE MANDATES ACT MAY REQUIRE REIMBURSEMENT
MAY APPLY

A BILL FOR

SB3402LRB104 18509 RPS 31951 b

1 AN ACT concerning public employee benefits.

2 Be it enacted by the People of the State of Illinois, 

3represented in the General Assembly:

4 Section 5. The Illinois Pension Code is amended by 

5changing Section 8-173 and by adding Section 8-173.2 as 

6follows:

7 (40 ILCS 5/8-173) (from Ch. 108 1/2, par. 8-173)

8 Sec. 8-173. Financing; tax levy. 

9 (a) Except as pro