HB 4064

Abstract

Amends the State Employees Group Insurance Act of 1971. In the provisions concerning health benefits for benefit recipients under the Downstate Teachers Article of the Illinois Pension Code (TRIP); makes the following changes: Deletes the provisions that repeal the Sections concerning the TRIP provisions on July 1, 2004. Makes the benefits under the TRIP provisions equivalent to the benefits for State employees. Increases the contribution for active teachers and school districts. Increases the minimum coverage for retired teachers and their dependents. Requires the Economic and Fiscal Commission to deliver an annual report to the General Assembly concerning the liabilities and projected liabilities of the TRIP program. Amends the State Pension Funds Continuing Appropriation Act. Provides that, beginning July 1, 2004, an amount equal to the amount by which required employer and employee contributions were insufficient to pay for the costs of the benefits provided under the TRIP provisions in the preceding fiscal year shall be annually appropriated from the General Revenue Fund to the State Comptroller for deposit into the Teacher Health Insurance Security Fund. Effective immediately.