IL HB4826

Amends Section 17-142.1 of the Illinois Pension Code to increase the annual cap on health insurance reimbursement payments to public employee retirees from $65,000,000 to $100,000,000, plus any unused authorized amounts from the prior year plus interest.

Allows the Board to make health insurance premium reimbursements on a monthly basis instead of annually, either as direct premium payments or as reductions in annuity deductions.

Maintains the requirement that total annual payments cannot exceed 75% of the total cost of health insurance coverage for all recipients receiving payments in that year.

Adds Section 8.34 to the State Mandates Act to exempt this Act from state reimbursement requirements for local governmental units.

Effective upon becoming law.