IL HB3401

Increases the maximum annual health insurance cost reimbursement paid by the Chicago Teachers' Pension and Retirement Fund from $65,000,000 to $100,000,000.

Allows the Board of Trustees to carry forward any authorized but unpaid amounts from the previous year, plus accrued interest, in addition to the $100,000,000 annual maximum.

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

Amends the State Mandates Act to exempt this measure from state reimbursement requirements.

Takes effect immediately upon becoming law.