Illinois General Assembly - Bill Status for HB4342

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Bill Status of HB4342 101st General Assembly

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Short Description: PENCD-CHIC TCHR-HEALTH INS MAX

House Sponsors
Rep. Robert S. Molaro

Last Action

Date	Chamber	Action
1/13/2009	House	Session Sine Die

Statutes Amended In Order of Appearance

40 ILCS 5/17-142.1

from Ch. 108 1/2, par. 17-142.1

30 ILCS 805/8.32 new

Synopsis As Introduced
Amends the Chicago Teacher Article of the Illinois Pension Code. In provisions concerning the Board of Trustees of the Public School Teachers' Pension and Retirement Fund of Chicago's power to defray health insurance costs, increases the maximum total payments for that purpose to $75,000,000 (from $65,000,000) plus any amount authorized to be paid in the preceding year that was not actually paid by the Board, including interest earned thereon. Amends the State Mandates Act to require implementation without reimbursement. Effective immediately.

Pension Note (Government Forecasting & Accountability)

HB 4342 increases the annual cost to the Chicago Teachers' Pension Fund (CTPF) by $10 million. Additionally, as the increased amount paid as reimbursement for retiree health insurance costs will no longer be available for reinvestment by the Fund, the potential for lower investment earnings in future years exists. According to the CTPF, the rate at which the fund rebates retirees for their health insurance costs (currently 70%) would have to be lowered in FY 2009 unless the reimbursement cap is raised to $75 million. The reimbursement rate for retiree health insurance is determined by the Chicago Teacher Pension Fund's board of trustees.

Actions

Date	Chamber	Action
1/10/2008	House	Filed with the Clerk by Rep. Richard T. Bradley
1/11/2008	House	First Reading
1/11/2008	House	Referred to Rules Committee
2/27/2008	House	Assigned to Personnel and Pensions Committee
3/5/2008	House	Added Chief Co-Sponsor Rep. Robert S. Molaro
3/6/2008	House	Do Pass / Short Debate Personnel and Pensions Committee; 003-002-000
3/6/2008	House	Placed on Calendar 2nd Reading - Short Debate
3/10/2008	House	Pension Note Filed
4/4/2008	House	Remove Chief Co-Sponsor Rep. Robert S. Molaro
4/4/2008	House	Chief Sponsor Changed to Rep. Robert S. Molaro
4/8/2008	House	Second Reading - Short Debate
4/8/2008	House	Placed on Calendar Order of 3rd Reading - Short Debate
4/18/2008	House	Final Action Deadline Extended-9(b) May 9, 2008
5/9/2008	House	Final Action Deadline Extended-9(b) May 23, 2008
5/13/2008	House	Third Reading - Consideration Postponed
5/13/2008	House	Placed on Calendar - Consideration Postponed May 13, 2008
5/23/2008	House	Final Action Deadline Extended-9(b) May 31, 2008
5/31/2008	House	Rule 19(a) / Re-referred to Rules Committee
1/13/2009	House	Session Sine Die

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