Side Letter on Dedicated Pension Levy
As soon as practicable after the ratification of this collective bargaining agreement, the Board and CTU will jointly petition the Illinois General Assembly, its leadership and the Governor of the State of Illinois to enact legislation that enables the Board to levy a property tax for the exclusive benefit of the Public School Teachers Pension and Retirement Fund of Chicago also known as the Chicago Teachers Pension Fund, which property tax shall:
- independent of the Board’s general education tax levy;
- be factored into the Board’s ability to increase property taxes under the Property Tax Extension Limitation Law (PTELL);
- on a dollar for dollar basis the Board’s liability for annual payments toward a “deficiency in Fund” as defined by and determined under 40 ILCS 5/17-129; and,
- be considered “available local resources” under 105 ILCS 5/18.05 for purposes of General State Aid allocation to the Board.