SB 1380

Abstract

Amends the State Universities Article of the Illinois Pension Code. In provisions concerning service for employment in public schools and other public employment, replaces references to service in the military forces with references to service in a capacity essentially similar or equivalent to that of a teacher. Deletes a provision requiring the Board of Trustees of the State Universities Retirement System to have the System's actuary prepare a report showing the actual rate of participation in the self-managed plan and the extent to which employee optional retirement plan participation has reduced the State's required contributions to the System. Provides that, in addition to warrants and checks, the State Comptroller and payroll officers may use an electronic funds transfer to pay employees. Repeals a provision encouraging the System to use emerging investment managers, minority-owned businesses, female-owned businesses, and business owned by persons with disabilities in managing the system's assets. Makes other changes. Effective immediately.