IL HB5681

Amends the Illinois Pension Code Section 17-142.1 to govern health insurance cost reimbursements for Chicago Teachers' Pension Fund recipients.

Allows the Fund Board to make annual payments on September 1st to service retirees, disability retirees, and survivor pensioners as partial reimbursement for health insurance costs, with option for monthly payments instead.

Caps total annual health insurance reimbursement payments at $65,000,000 plus any unspent authorized amounts from the prior year, and limits annual payments to 75% of total health insurance costs for all recipients.

Creates a 12-member Chicago Teachers' Pension Fund Health Insurance Task Force with members appointed by legislative leaders, the Fund board, organizations representing retired and active Chicago teachers, and the Chicago Board of Education chairman.

Requires the Task Force to study current retiree health insurance programs and submit findings and recommendations by January 31, 2017 on funding levels, program administration alternatives, exit strategies, and alternative funding mechanisms before the Task Force is abolished.