IL SB0783

Amends the Chicago Teacher Article of the Illinois Pension Code regarding retiree health insurance administration.

Grants the Board of the Fund the option to administer the health insurance program in whole or in part if determined to be the most efficient method of providing retiree health insurance.

Maintains existing provisions allowing the Board to pay partial reimbursement for health insurance costs to service retirees, disability retirees, and survivor pension recipients.

Preserves caps on annual health insurance payments of $65,000,000 plus any unused authorized amounts from the prior year, and limits total payments to 75% of the total cost of health insurance coverage.

Takes effect immediately upon becoming law.