IL HB5520

Amends the Chicago Teacher Article of the Illinois Pension Code to modify the health insurance cost reimbursement cap for retired teachers and pension recipients.

Establishes a base limitation amount of $65,000,000 for fiscal year 2012, replacing the previous fixed $65,000,000 cap.

Beginning in fiscal year 2013, increases the annual base limitation amount by the unadjusted percentage increase (but not less than zero) in medical care services and commodities from the Consumer Price Index-U for the 12 months ending March 1 of the previous fiscal year.

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

Takes effect immediately upon becoming law.