Senate Bill No. 1525, also known as Public Act No. 25-120, amends the Teachers' Retirement System statutes by redefining key terms and modifying various processes. The term "Employer" in section 10-183b is redefined to exclude the State Education Resource Center for members hired on or after July 1, 2025, while the definition of "Public school" is updated to clarify that the Center applies only to members hired before that date. The bill also makes retirement applications irrevocable upon submission and establishes that benefits will begin accruing the month following the application. Additionally, it revises survivor benefits, allowing designated beneficiaries to receive accumulated contributions with interest, and outlines the management structure of the Teachers' Retirement Board, including the election process for board members.

The bill further addresses governance and health benefits for retired teachers, mandating the election of two retired teachers to the board and detailing the appointment process for public members. It introduces provisions for health benefit plans for retired members and their dependents, specifying a cost-sharing structure and ensuring participation for surviving spouses and disabled dependents. The bill also modifies the administration of disability allowances, establishing a medical committee of up to five physicians to review applications and allowing the executive director to choose retirement system participation. Overall, these changes aim to streamline the retirement process, clarify roles, and enhance health benefits for retired teachers.

Statutes affected:
Raised Bill: 10-183t
APP Joint Favorable: 10-183t
File No. 869: 10-183t
Public Act No. 25-120: 10-183t