SB 461

Abstract

Amends the State Universities Article of the Illinois Pension Code. Provides that, for an employee whose final rate of earnings period includes March 2005, the final rate of earnings means the average annual earnings during the 48 consecutive calendar month period ending with the last day of final termination of employment or the 4 consecutive academic years of service in which the employee's earnings were the highest, whichever is greater. In provisions concerning service for employment in public schools and service for other public employment, removes references to payment of 50% of the actuarial value of the increase in the retirement annuity provided by the service. In provisions concerning retirement annuities, provides that any retirement benefit accrued but unpaid on the death of an annuitant shall be paid to the annuitant's beneficiary. Makes changes concerning annuitants who return to employment for an employer. Provides that the 5 or more years of service after which a participant shall also be entitled to a distribution of employer contributions in a specified amount may include service for unused sick leave or reciprocal service from the participant's election to retire and apply the reciprocal provisions contained in the Code. Provides that certain military service shall be counted in determining when a self-managed plan becomes vested. Removes the requirement that, with respect to payment of benefits to persons under legal disability or minors, the receipt of payment be written for the purpose of the absolute discharge of the system's liability. Makes other changes. Effective immediately.