Illinois HB4396 amends the Chicago Teacher Pension Code to increase the cap on annual health insurance cost reimbursements to $100 million.
Illinois HB4396 amends the Chicago Teacher Pension Code to increase the annual cap on health insurance cost reimbursements from $65 million to $100 million. The bill also allows for annual adjustments based on the consumer price index, ensuring the reimbursement amount keeps pace with inflation. The reimbursements can be made in the form of a direct payment of the premium or a reduction in the amount deducted from the annuity. The changes apply to recipients of service retirement, disability retirement, or survivor's pensions.
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