HB 4441

Abstract

Amends the General Assembly Article of the Illinois Pension Code. Provides that, for certain participants of the General Assembly Retirement System that are exempted from the earnings limitation under the definition of "highest salary for annuity purposes", the participant's employer under the other participating system under the Retirement Systems Reciprocal Act shall pay to the General Assembly Retirement System the present value of the increase in benefits resulting from the use of that higher salary. Amends the State Finance Act to allow the payments to be paid out of a State agency's personal services line and to allow the payments in a fiscal year without regard to the fact that the employment for which the payment is required may have occurred in a prior fiscal year. Amends the State Mandates Act to require implementation without reimbursement. Effective immediately.