SB 1371

Abstract

Amends the Cook County Article of the Illinois Pension Code with respect to the optional plan of additional benefits and contributions for elected county officers and their survivors. Limits application of the special formula to service in an elected county office that the participant held for at least 8 years. Provides for a refund of additional contributions if service in the office lasts less than 8 years. Changes the manner of calculating the salary upon which benefits are based to a 4-year average final rate of earnings and applies a separate rate for each qualifying office held. Effective immediately.