MAITLAND. 40 ILCS 5/15-112 from Ch. 108 1/2, par. 15-112 40 ILCS 5/15-113.2 from Ch. 108 1/2, par. 15-113.2 40 ILCS 5/15-120 from Ch. 108 1/2, par. 15-120 40 ILCS 5/15-132.2 new 40 ILCS 5/15-134.5 40 ILCS 5/15-136.4 40 ILCS 5/15-141 from Ch. 108 1/2, par. 15-141 Amends the State Universities Article of the Illinois Pension Code. Makes changes concerning the calculation of the final rate of earnings. Provides that service for leaves of absence shall include periods of leaves of absence at 50% or greater pay. Provides that after a joint and survivor annuity commences under the portable benefit package, the survivor annuitant is not disqualified and may not be removed as the survivor annuitant by a dissolution of the survivor's marriage with the participant or annuitant. Provides that a newly eligible employee has 6 months (now 60 days) to elect to participate in the portable benefit package or the self-managed plan. Provides that a newly eligible employee may make a late election to participate in the portable benefit package or the self-managed plan at any time within 6 months after the effective date of this amendatory Act. Provides that a participant may elect to receive a lump sum retirement benefit instead of the normal form of annuity. Provides that if the recipient of a pre-retirement survivor annuity dies before an amount equal to all accumulated normal and additional contributions as of the date of death have been paid out, the remaining difference shall be paid to the member's beneficiary. Effective immediately. PENSION NOTE (Pension Laws Commission) The fiscal impact of SB 1500 is very minor. 00-01-26 S FIRST READING 00-01-26 S REFERRED TO SENATE RULES COMMITTEE RULES 00-02-10 S PENSION NOTE FILED AS INTRODUCED 00-02-10 S COMMITTEE RULES 01-01-09 S SESSION SINE DIE END OF INQUIRY Full Text Bill Summary