Synopsis As Introduced Amends the Chicago Teacher Article of the Illinois Pension Code to increase the minimum total survivor's pension to 50% of the earned retirement pension for survivors of members who died before January 1, 1987. Amends the State Mandates Act to require implementation without reimbursement. Effective immediately.
The pension fund's consulting actuary estimates that the cost of HB 4851 will be relatively small since the bill impacts very few beneficiaries. An exact number of beneficiaries was not provided by the pension fund.
Fiscal Note (Dept. of Insurance)
HB 4851 has no projected fiscal impact to the Illinois Department of Insurance.