IL HB1406

Increases the annual payment limit for Chicago Teachers' Pension Fund health insurance cost reimbursements from $65,000,000 to $80,000,000.

Allows the Fund to reimburse health insurance costs to recipients of service retirement, disability retirement, or survivor's pensions on an annual or monthly basis.

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

Permits any unused authorized payments from the prior year, plus accrued interest, to be added to the current year's payment limit.

Takes effect immediately upon becoming law.