HB1850 Summary

• Increases the Chicago Teachers' Pension Fund Board of Trustees from 12 members to 13 members by adding one additional pensioner representative.

• Changes the number of pensioner board members from 3 to 4, elected during the first week of November of each odd-numbered year for 2-year terms.

• Modifies election procedures for pensioner board members to account for the increased number of positions, requiring nominations by petition signed by at least 100 pensioners.

• Amends the State Mandates Act to exempt this bill from state reimbursement requirements for implementation.

• Takes effect immediately upon becoming law.