Bill Text: IL SB1582 | 2019-2020 | 101st General Assembly | Introduced

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Bill Title: Amends the Metropolitan Water Reclamation District Article of the Illinois Pension Code. Provides that "average final salary" means the highest average monthly (instead of annual) salary as calculated by accumulating the salary for the highest 520 consecutive paid days of service (instead of 52 consecutive pay periods) within the last 10 years of service immediately preceding the date of retirement and dividing by 24 (instead of 2). Provides that if the employee is paid for any portion of a work day, the fraction of the day worked and the salary for that fraction of the day shall be counted in accordance with the Fund's administrative rules. Effective immediately.

Spectrum: Bipartisan Bill

Status: (Passed) 2019-08-09 - Public Act . . . . . . . . . 101-0339 [SB1582 Detail]

Download: Illinois-2019-SB1582-Introduced.html

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101ST GENERAL ASSEMBLY State of Illinois 2019 and 2020 SB1582 Introduced 2/15/2019, by Sen. John F. Curran SYNOPSIS AS INTRODUCED:
40 ILCS 5/13-208 from Ch. 108 1/2, par. 13-208
Amends the Metropolitan Water Reclamation District Article of the Illinois Pension Code. Provides that "average final salary" means the highest average monthly (instead of annual) salary as calculated by accumulating the salary for the highest 520 consecutive paid days of service (instead of 52 consecutive pay periods) within the last 10 years of service immediately preceding the date of retirement and dividing by 24 (instead of 2). Provides that if the employee is paid for any portion of a work day, the fraction of the day worked and the salary for that fraction of the day shall be counted in accordance with the Fund's administrative rules. Effective immediately.
LRB101 07577 RPS 52622 b
FISCAL NOTE ACT MAY APPLY PENSION IMPACT NOTE ACT MAY APPLY
A BILL FOR
SB1582 LRB101 07577 RPS 52622 b
AN ACT concerning public employee benefits.
Be it enacted by the People of the State of Illinois,
represented in the General Assembly:
Section 5. The Illinois Pension Code is amended by changing
Section 13-208 as follows:
(40 ILCS 5/13-208) (from Ch. 108 1/2, par. 13-208)
Sec. 13-208. "Average final salary": The highest average
monthly annual salary as calculated by accumulating the salary
for the highest 520 52 consecutive paid days of service pay
periods within the last 10 years of service immediately
preceding the date of retirement and dividing by 24 2. If the
employee is paid for any portion of a work day, the fraction of
the day worked and the salary for that fraction of the day
shall be counted in accordance with the Fund's administrative
rules.
(Source: P.A. 90-12, eff. 6-13-97.)
Section 99. Effective date. This Act takes effect upon
becoming law.