The Chicago Teachers’ Pension Fund secured funding for Fiscal Year 2023 (July 1, 2022 – June 30, 2023), from the State of Illinois during the Spring Legislative session.
House Bill 900 appropriated $295,302,000 for normal costs and health insurance and an additional required State contribution of $13,371,000 (.544% of payroll) for CTPF.
The legislation was signed into law by Governor Pritzker on April 19th and is now Public Act 102-0698. CTPF expects to receive monthly contributions for the 2023 fiscal year, beginning July 2022.
Fiscal Year 2022 Contribution
The State required contribution for normal costs for fiscal year 2022 was $264.8 million for normal cost and health insurance and $12,649,000 for additional required contributions. The State has been making regular monthly payments for the normal cost contributions and paid the additional $12.6 million required contribution in July 2021.