IL HB4400

Amends Section 17-147 of the Illinois Pension Code regarding the Chicago Teachers' Pension Fund.

Changes payment authorization procedures from warrants signed by Board of Education president and secretary to checks or direct deposit transmittals authorized by the executive director.

Allows the Board to designate alternative persons to authorize Fund payments through appropriate resolution.

Corrects terminology from "ex-officio" to "ex officio" and updates pronoun references to "city treasurer" instead of "he/his."

Maintains existing provisions that interest accruing on the Fund benefits the Fund itself and that legal proceedings are brought in the name of the Board.