IL HB0353

Prohibits post-retirement educator bonuses for school districts (excluding Chicago) except those required by valid contracts entered before the effective date of this act.

Defines "post-retirement educator bonus" as any payment to a licensed educator who has retired and is collecting a retirement annuity from the Teachers' Retirement System, excluding current employment compensation.

Prevents school districts from entering into new contracts on or after the effective date that provide post-retirement educator bonuses.

Requires each school district to report annually by January 31 to all residents detailing all post-retirement educator bonuses paid in the previous school year and all future contractual obligations for such bonuses.

Takes effect immediately upon becoming law.