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Synopsis As Introduced Amends the State Universities Article of the Illinois Pension Code. Provides that "earnings" does not include amounts associated with housing allowance or vehicle allowance payable to an employee. Effective immediately.
Replaces everything after the enacting clause. Amends the State Universities Article of the Illinois Pension Code. For an employee who first becomes a participant on or after the effective date of the amendatory Act, excludes housing allowances and vehicle allowances from the calculation of basic compensation and earnings. Provides that the definition of "basic compensation" includes the amount of any elective deferral to a deferred compensation plan under the Illinois Pension Code. Effective immediately.
House Floor Amendment No. 3 Adds "club membership dues" to the items excluded from the terms "basic compensation" and "earnings" as defined for persons who first become participants in the System on or after the effective date of the amendatory Act.
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