Synopsis As Introduced Amends the State Employee Article of the Illinois Pension Code. Provides that, for service on or after July 1, 2012, "compensation" does not include any overtime pay payable to an employee for personal services performed in excess of the full normal working period for his or her position. Effective immediately.
The fiscal impact of HB 4658 has not yet been calculated; however it would likely have a positive fiscal impact. It is unknown what percentage of total pension payout from SERS is based upon overtime wages earned during an employee's final average salary period.
House Committee Amendment No. 1 Also excludes from compensation imputed income from group health insurance and payments for travel vouchers that are submitted late.