SB 2991

Abstract

Amends the State Universities Article of the Illinois Pension Code. In provisions concerning mistakes in benefit calculation, provides that if the amount of the benefit was mistakenly set too high, the error was undiscovered for 3 years or longer, and the error was not the result of incorrect information supplied or information omitted (instead of incorrect information supplied) by the affected member or beneficiary, then upon discovery of the mistake the benefit shall be adjusted to the correct level, but the recipient of the benefit need not repay to the System the excess amounts received in error. Provides that regardless of the date an overpayment is discovered, if the System determines that the overpayment has occurred for specified reasons, the System may recover the overpayment from the recipient thereof or the recipient's estate, plus interest at the effective rate from the date of the overpayment to the date of recovery, either directly or by deducting such amount from the remaining benefits payable to the recipient or the recipient's estate, or by any other means available to the System. Makes other changes. Effective immediately.