91st General Assembly Summary of SB1697    [ Home ]   [ Back ]   [ Legislation ]

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Senate Sponsors:
O'MALLEY.

Short description: 
PEN CD-CHGO TCHR-HEALTH INSUR                                              

Synopsis of Bill as introduced:
        Amends the Chicago Teacher Article of the Pension Code to  change      
   the  annual  limit  on  the  amount of reimbursement to annuitants for      
   health insurance costs, from $25,000,000 to $40,000,000.   Amends  the      
   State  Mandates  Act  to require implementation without reimbursement.      
   Effective immediately.                                                      
          PENSION NOTE (Pension Laws Commission)                               
          SB 1697 will have an indirect cost to the Fund, as the increas-      
          ed amount 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.                                                        
 
Last action on Bill: SESSION SINE DIE

   Last action date: 01-01-09

           Location: Senate

 Amendments to Bill: AMENDMENTS ADOPTED: HOUSE -   0     SENATE -   0


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