Synopsis As Introduced Amends the Illinois Municipal Retirement Fund (IMRF) Article of the Illinois Pension Code. For a person who first becomes a participating employee on or after the effective date of the amendatory Act, excludes vehicle allowances from the definition of "earnings". Effective immediately.
Replaces everything after the enacting clause. Reinserts the provisions of the engrossed bill with the following changes. Further amends the Illinois Municipal Retirement Fund (IMRF) Article of the Illinois Pension Code. In a provision that requires an employer to pay the present value of the increase in pension resulting from an increase in earnings greater than 6% or 1.5 times the increase in the consumer price index for any of the 12-month periods used to determine final rate of earnings, excludes earnings increases resulting from payments for unused vacation time, but only for payments for unused vacation time made in the final 3 months of the final rate of earnings period. Effective immediately.