IL SB0118

Amends the Chicago Teacher Pension Fund Article to validate signatures on checks and drafts even after an officer ceases to hold office.

Requires the Fund to recalculate and correct any benefit mistakenly set at an incorrect amount within a reasonable timeframe and provide 60 days' notice to the recipient.

Mandates the Fund pay lump sum payments with 3% interest for benefits mistakenly set too low, calculated from the date amounts accrued to the date of payment.

Allows the Fund to recover overpaid amounts plus 3% interest when benefits are mistakenly set too high, with recipients allowed to repay via lump sum, monthly installments over 5 years, or actuarial reduction of corrected benefits.

Waives repayment of overpaid amounts if an error went undiscovered for 3 years or longer and was not caused by incorrect member-supplied information.