Amends the School Code. Authorizes the Chicago Board of Education, by resolution, to provide for the compensation of its members. Specifies that the compensation provided for Board members may include, but is not limited to, reimbursement for expenses incurred while in the performance of their duties.

Amends the Chicago Teacher Article of the Illinois Pension Code. In a provision concerning trustees elected by contributors who are not administrators, provides that candidacy petitions shall be filed with the recording secretary of the Fund on or before October 1st of the election year (instead of on or after September 15 of each year and not later than October 1st of that year). Effective immediately.

Amends the Chicago Teacher Article of the Illinois Pension Code. Requires charter schools and contract schools to retain all payroll records and contribution information for a minimum of 5 years after the payroll records and contribution information are created. Effective immediately.

HB5196

Morgan

Amends the General Obligation Bond Act. Authorizes an additional $1,000,000,000 of State Pension Obligation Acceleration Bonds. Makes a conforming change. Amends the State Employees, State Universities, and Downstate Teachers Articles of the Illinois Pension Code. Extends the option for a participant to receive an accelerated pension benefit payment in lieu of any pension benefit or for a reduction in the increases to his or her annual retirement annuity and survivor's annuity to June 30, 2030 (instead of June 30, 2026). Effective immediately. (Amended)

Amends the Property Tax Code. Provides that, for taxable years 2026 and thereafter, the maximum income limitation for the low-income senior citizens assessment freeze homestead exemption is $75,000 for all qualified property (currently, $65,000). Effective immediately.

Amends the Chicago Teacher Article of the Illinois Pension Code. In a provision concerning trustees elected by contributors who are not administrators, provides that candidacy petitions shall be filed with the recording secretary of the Fund on or before October 1st of the election year (instead of on or after September 15 of each year and not later than October 1st of that year). Effective immediately.

SB2861

Amends the Chicago Teacher Article of the Illinois Pension Code. Provides that beginning in State fiscal year 2027, the State (instead of the Chicago Board of Education) shall contribute for each of fiscal years 2027 through 2059, a minimum contribution to the Fund in an amount determined by the Fund to be sufficient to bring the total assets of the Fund up to 90% of the total actuarial liabilities of the Fund by the end of fiscal year 2059.  (continued)

Amends the Illinois Pension Code. Provides that the amendatory Act may be referred to as the Pension Security and Cost Efficiency Act. Sets forth findings. Provides that, beginning in State fiscal year 2027 and continuing through State fiscal year 2045, the State shall make the required annual State contributions to the 5 State-funded retirement systems on the first day of the fiscal year. For State fiscal years 2027 through 2031, authorizes, if the State Actuary makes a specified written certification, up to $6,000,000,000 in Pension Obligation Bonds to be used for the sole purpose of reducing the principal balance of unfunded liabilities of the 5 State-funded retirement systems. Provides that the proceeds of pension obligation bonds may not be used to fund the State's normal cost, to reduce or replace any minimum contribution otherwise required, or to pay benefits attributable to service rendered after the date of deposit of the proceeds.  (continued)