Illinois General Assembly - Bill Status for HB4940

Amends the General Assembly Article of the Illinois Pension Code. Requires the System to make a quarterly report to the Commission on Government Forecasting and Accountability, which shall include (1) the name and current salary, according to data in the possession of the System, for each participant in the System who (A) first became a member of the System before August 22, 1994; (B) has not begun receiving a retirement annuity under this Article; and (C) is employed in a position covered by a participating system under the Retirement Systems Reciprocal Act and the name of his or her current employer and (2) beginning with the second quarterly report after the effective date, the name of each participant who has begun receiving a retirement annuity under the Article since the preceding quarterly report and, if the salary used to calculate his or her proportional annuity under the Article is higher than his or her highest salary for annuity purposes would have been if he or she were not exempted from the earnings limitation, the salary level used to calculate his or her proportional annuity and the name of his or her employer under the other participating system. Amends the Commission on Government Forecasting and Accountability Act to require that the Commission on Government Forecasting and Accountability submit a quarterly report to the General Assembly that contains information submitted to the Commission by the General Assembly Retirement System. Effective immediately.

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