SB1582 101ST GENERAL ASSEMBLY

LRB101 07577 RPS 52622 b

101ST GENERAL ASSEMBLY
State of Illinois
2019 and 2020
SB1582

Introduced 2/15/2019, by Sen. John F. Curran

SYNOPSIS AS INTRODUCED:

40 ILCS 5/13-208

from Ch. 108 1/2, par. 13-208

Amends the Metropolitan Water Reclamation District Article of the Illinois Pension Code. Provides that "average final salary" means the highest average monthly (instead of annual) salary as calculated by accumulating the salary for the highest 520 consecutive paid days of service (instead of 52 consecutive pay periods) within the last 10 years of service immediately preceding the date of retirement and dividing by 24 (instead of 2). Provides that if the employee is paid for any portion of a work day, the fraction of the day worked and the salary for that fraction of the day shall be counted in accordance with the Fund's administrative rules. Effective immediately.

FISCAL NOTE ACT MAY APPLY

PENSION IMPACT NOTE ACT MAY APPLY

A BILL FOR

AN ACT concerning public employee benefits.

Be it enacted by the People of the State of Illinois, represented in the General Assembly:

Section 5. The Illinois Pension Code is amended by changing Section 13-208 as follows:

(40 ILCS 5/13-208) (from Ch. 108 1/2, par. 13-208)

Sec. 13-208. "Average final salary": The highest average monthly annual salary as calculated by accumulating the salary for the highest 520 52 consecutive paid days of service pay periods within the last 10 years of service immediately preceding the date of retirement and dividing by 24 2. If the employee is paid for any portion of a work day, the fraction of the day worked and the salary for that fraction of the day shall be counted in accordance with the Fund's administrative rules.

(Source: P.A. 90-12, eff. 6-13-97.)

Section 99. Effective date. This Act takes effect upon becoming law.