Illinois Compiled Statutes 40 ILCS 5/17-127.2 – Additional contributions by employer of teachers
Current as of: 2024 | Check for updates
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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
(1) Beginning July 1, 1998 through June 30, 1999, the
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employer contribution shall be equal to 0.3% of each teacher’s salary.
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(2) Beginning July 1, 1999 and thereafter, the
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employer contribution shall be equal to 0.58% of each teacher’s salary.
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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.
Terms Used In Illinois Compiled Statutes 40 ILCS 5/17-127.2
- Fiscal year: The fiscal year is the accounting period for the government. For the federal government, this begins on October 1 and ends on September 30. The fiscal year is designated by the calendar year in which it ends; for example, fiscal year 2006 begins on October 1, 2005 and ends on September 30, 2006.
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.