Synopsis As Introduced Amends the Chicago Teacher Article of the Illinois Pension Code to change the annual limit on the amount of reimbursement to annuitants for health insurance costs, from $40,000,000 plus authorized but unpaid amounts to $65,000,000 plus authorized but unpaid amounts, including interest earned thereon. Amends the State Mandates Act to require implementation without reimbursement. Effective immediately.
Pension Note (Pension Laws Commission)
HB 1269 will have an indirect cost to the Fund, as the increased account paid as reimbursement for health insurance costs will no longer be available for reinvestment by the Fund. Therefore, the potential for slightly lower investment earnings in future years exists.
Deletes everything. Reinserts the provisions of the engrossed bill and makes the following additional change: Provides that the total amount of payments to defray health insurance costs in any year may not exceed 75% of the total cost of health insurance coverage in that year for all recipients.