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Synopsis As Introduced Amends the State Employee Article of the Illinois Pension Code. Provides that, for service on or after July 1, 2013, "compensation" does not include any stipend payable to an employee for service on a board or commission. Effective immediately.
The total number of persons impacted by HB 2767 is unknown. According to data provided by SERS, HB 116, which would disallow members of certain boards and commissions from accruing service credit in SERS, would impact approximately 63 members of various board and commissions. The savings associated with both this bill and HB 116 would be positive but minimal.
The total number of persons impacted by HB 2767 is unknown. According to data provided by SERS, HB 116, which would disallow members of certain boards and commissions from accruing service credit in SERS, would impact approximately 63 members of various board and commissions. The savings associated with both this bill and HB 116 would be positive but minimal.
State Debt Impact Note (Government Forecasting & Accountability)
This legislation would not change the amount of authorization for any type of State-issued or State-supported bond, and, therefore, would not affect the level of State indebtedness.
Balanced Budget Note (Office of Management and Budget)
The bill does not require the affected retirement systems to re-certify the required State contribution during fiscal years 2013 or 2014, thus there is no immediate impact on the State budget. Savings resulting from HB 2767 would not be realized until FY 2015.
Further amends the Chicago Teacher Article of the Illinois Pension Code. Makes changes concerning the composition and election of members of the Board of Trustees of the Public School Teachers' Pension and Retirement Fund.
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