Synopsis As Introduced Amends the School Code with respect to school districts other than the Chicago school district. Prohibits any post-retirement educator bonus not required by a valid contract entered into before the effective date of the amendatory Act, and prohibits a school district from entering into a contract on or after the effective date of the amendatory Act that provides for a post-retirement educator bonus or bonuses. Defines "post-retirement educator bonus" as any payment made by a school district to an educator licensed under the School Code who has commenced his or her retirement and is collecting a retirement annuity from the Teachers' Retirement System of the State of Illinois, other than compensation for current employment with the school district. Requires each school district to annually report to all residents of the school district the status of all contracts requiring the payment of a post-retirement educator bonus and all post-retirement educator bonuses paid during the previous school year. Sets forth what the report must contain. Effective immediately.