(40 ILCS 5/17-127.2)
Sec. 17-127.2. Additional contributions by employer of teachers. Beginning July 1, 1998, the employer of a teacher shall pay to the Fund an employer contribution computed as follows:
(1) Beginning July 1, 1998 through June 30, 1999, the
employer contribution shall be equal to 0.3% of each teacher's salary.
(2) Beginning July 1, 1999 and thereafter, the
employer contribution shall be equal to 0.58% of each teacher's salary. The employer may pay these employer contributions out of any source of funding available for that purpose and shall forward the contributions to the Fund on the schedule established for the payment of member contributions.
These employer contributions need not be made in a fiscal year if the Board has certified in the previous fiscal year that the Fund is at least 90% funded, based on actuarial determinations.
These employer contributions are intended to offset a portion of the cost to the Fund of the increases in retirement benefits resulting from Public Act 90-582.
(Source: P.A. 90-582, eff. 5-27-98; 91-357, eff. 7-29-99.)
Sections: Previous 17-122 17-123 17-124 17-125 17-126 17-127 17-127.1 17-127.2 17-128 17-129 17-130 17-130.1 17-130.2 17-130.3 17-131 Next
Last modified: February 18, 2015