IL SB1235

Increases the annual payment limit for Chicago teacher pension fund health insurance cost reimbursements from $65,000,000 to $80,000,000.

Allows the Board to pay health insurance reimbursements to recipients of service retirement, disability retirement, or survivor's pensions on a monthly basis rather than annually.

Permits monthly payments to be made as direct premium payments with corresponding reductions in annuity deductions, rather than separate warrant reimbursements.

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

Takes effect upon becoming law.