Chicago Public Schools will contribute $506 million to the Chicago Public School Teachers’ Pension & Retirement Fund in fiscal year 2017, under a budget approved Wednesday.
To reach its $733 million required employer contribution for the fiscal year, which started on July 1, the budget relies on a $227 million contribution from the state, $215 million of which is contingent on further pension reform, a CPS spokeswoman confirmed.
On June 30, the Illinois General Assembly approved an additional $215 million state contribution to the $9.5 billion pension fund, up from $12 million the previous fiscal year. The additional funds would cover the contribution required to cover active teachers in Chicago Public Schools. Gov. Bruce Rauner indicated that day that he would not sign off on the state contribution without more comprehensive pension reform for Illinois.
On top of the $506 million employer contribution, CPS will pay more than $100 million in fiscal year 2017 as part of its partial pickup of employees’ contributions.
