SB 2197

Abstract

Amends the State Universities Article of the Illinois Pension Code. Requires the actual employer to contribute an amount equal to the full employer's normal cost of the benefits earned under this System that result from employment by that employer, to be paid to the System on a payroll-by-payroll basis, using the percentage of earnings determined on a system-wide basis and certified by the System to all employers for use in the applicable fiscal year. Requires immediate and annual certification of the applicable percentage rate. Amends the State Mandates Act to require implementation without reimbursement. Effective immediately.