Bill Status of HB 4342   95th General Assembly

Short Description:  PENCD-CHIC TCHR-HEALTH INS MAX

House Sponsors
Rep. Robert S. Molaro

Last Action  View All Actions

DateChamber Action
  1/13/2009HouseSession Sine Die

Statutes Amended In Order of Appearance
40 ILCS 5/17-142.1from Ch. 108 1/2, par. 17-142.1
30 ILCS 805/8.32 new

Synopsis As Introduced
Amends the Chicago Teacher Article of the Illinois Pension Code. In provisions concerning the Board of Trustees of the Public School Teachers' Pension and Retirement Fund of Chicago's power to defray health insurance costs, increases the maximum total payments for that purpose to $75,000,000 (from $65,000,000) plus any amount authorized to be paid in the preceding year that was not actually paid by the Board, including interest earned thereon. Amends the State Mandates Act to require implementation without reimbursement. Effective immediately.

 Pension Note (Government Forecasting & Accountability)
 HB 4342 increases the annual cost to the Chicago Teachers' Pension Fund (CTPF) by $10 million. Additionally, as the increased amount paid as reimbursement for retiree health insurance costs will no longer be available for reinvestment by the Fund, the potential for lower investment earnings in future years exists. According to the CTPF, the rate at which the fund rebates retirees for their health insurance costs (currently 70%) would have to be lowered in FY 2009 unless the reimbursement cap is raised to $75 million. The reimbursement rate for retiree health insurance is determined by the Chicago Teacher Pension Fund's board of trustees.

Actions 
DateChamber Action
  1/10/2008HouseFiled with the Clerk by Rep. Richard T. Bradley
  1/11/2008HouseFirst Reading
  1/11/2008HouseReferred to Rules Committee
  2/27/2008HouseAssigned to Personnel and Pensions Committee
  3/5/2008HouseAdded Chief Co-Sponsor Rep. Robert S. Molaro
  3/6/2008HouseDo Pass / Short Debate Personnel and Pensions Committee; 003-002-000
  3/6/2008HousePlaced on Calendar 2nd Reading - Short Debate
  3/10/2008HousePension Note Filed
  4/4/2008HouseRemove Chief Co-Sponsor Rep. Robert S. Molaro
  4/4/2008HouseChief Sponsor Changed to Rep. Robert S. Molaro
  4/8/2008HouseSecond Reading - Short Debate
  4/8/2008HousePlaced on Calendar Order of 3rd Reading - Short Debate
  4/18/2008HouseFinal Action Deadline Extended-9(b) May 9, 2008
  5/9/2008HouseFinal Action Deadline Extended-9(b) May 23, 2008
  5/13/2008HouseThird Reading - Consideration Postponed
  5/13/2008HousePlaced on Calendar - Consideration Postponed May 13, 2008
  5/23/2008HouseFinal Action Deadline Extended-9(b) May 31, 2008
  5/31/2008HouseRule 19(a) / Re-referred to Rules Committee
  1/13/2009HouseSession Sine Die

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