Full Text of SB1235 099th General Assembly
SB1235 99TH GENERAL ASSEMBLY |
| | 99TH GENERAL ASSEMBLY
State of Illinois
2015 and 2016 SB1235 Introduced 2/11/2015, by Sen. Donne E. Trotter SYNOPSIS AS INTRODUCED: |
| 40 ILCS 5/17-142.1 | from Ch. 108 1/2, par. 17-142.1 |
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Amends the Chicago Teacher Article of the Illinois Pension Code. In a Section on payment by the pension fund of certain health insurance costs, increases the annual payment limit from $65,000,000 to $80,000,000. Effective immediately.
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| | FISCAL NOTE ACT MAY APPLY | | PENSION IMPACT NOTE ACT MAY APPLY |
| | A BILL FOR |
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| | | SB1235 | | LRB099 10249 EFG 30475 b |
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| 1 | | AN ACT concerning public employee benefits.
| 2 | | Be it enacted by the People of the State of Illinois,
| 3 | | represented in the General Assembly:
| 4 | | Section 5. The Illinois Pension Code is amended by changing | 5 | | Section 17-142.1 as follows: | 6 | | (40 ILCS 5/17-142.1) (from Ch. 108 1/2, par. 17-142.1)
| 7 | | Sec. 17-142.1. To defray health insurance costs. To provide | 8 | | for the
partial reimbursement of health insurance costs.
| 9 | | (1) On the first day of September of each year, beginning | 10 | | in 1988,
the Board may, by separate warrant, pay to each | 11 | | recipient of a service
retirement, disability retirement or | 12 | | survivor's pension an amount to be
determined by the Board, | 13 | | which shall represent partial reimbursement for
the cost of the | 14 | | recipient's health insurance coverage.
| 15 | | (2) In lieu of the annual payment authorized in subdivision | 16 | | (1), for
pensioners enrolled in the Fund's regular health care | 17 | | deduction plans, the
Fund may pay the health insurance premium | 18 | | reimbursement on a monthly rather
than annual basis, at the | 19 | | percentage rate established from time to time by
the Board. If | 20 | | the Board so directs, these monthly payments may be made in
the | 21 | | form of a direct payment of premium and a reduction in the | 22 | | amount
deducted from the annuity, rather than in the form of | 23 | | reimbursement by
separate warrant.
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| | | SB1235 | - 2 - | LRB099 10249 EFG 30475 b |
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| 1 | | (3) Total payments under this Section in any year may not | 2 | | exceed
$80,000,000 $65,000,000 plus any amount that was | 3 | | authorized to be paid
under this Section in the preceding year | 4 | | but was not actually paid by the
Board, including any interest | 5 | | earned thereon.
| 6 | | (4) The total amount of payments under this Section in any | 7 | | year may not exceed 75% of the total cost of health insurance | 8 | | coverage in that year for all the recipients who receive | 9 | | payments authorized by this Section in that year.
| 10 | | (Source: P.A. 93-677, eff. 6-28-04.)
| 11 | | Section 99. Effective date. This Act takes effect upon | 12 | | becoming law.
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