SB 3954

Abstract

Amends the Downstate Teacher Article of the Illinois Pension Code. Provides that the effective date of a retirement annuity may be after the date of official termination of employment but before de minimis posttermination employment as long as such employment is (1) less than 10 days in length, (2) less than $2,000 in compensation, and (3) is deemed de minimis by the System. Provides that any benefit increase that results from the amendatory Act is excluded from the definition of "new benefit increase". Effective immediately. Senate Floor Amendment No. 2 Replaces everything after the enacting clause with the provisions of the introduced bill and makes the following changes: Provides that the effective date of a retirement annuity may be after the date of official termination of employment (rather than after the date of official termination of employment but before de minimis posttermination employment) as long as such employment is for (1) less than 10 days in length and (2) less than $2,000 in compensation. Removes a requirement that the employment must be deemed de minimis by the System. Effective immediately.