Increases the cap on annual payments for health insurance cost reimbursement for Illinois pensioners.
SB1893 amends the Illinois Pension Code to increase the cap on annual payments for health insurance cost reimbursement for Illinois pensioners from $65,000,000 to $100,000,000. The annual reimbursement amount will be adjusted based on the consumer price index for medical care in Chicago. The Board may pay the reimbursement on a monthly basis for pensioners enrolled in the Fund's regular health care deduction plans. The total payments under this provision in any year cannot exceed the adjusted amount.
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