HB 6931

Abstract

Amends the Illinois Pension Code. Replaces language concerning establishing creditable service for furlough days with language allowing a member to establish creditable service and earnings credit for periods of furlough beginning on or after July 1, 2008. Requires the participant to (i) apply in writing to the System before December 31, 2011 and (ii) not receive compensation for the furlough period. Provides that the required employee contribution shall be based on the rate of compensation earned by the employee immediately following the date of the first furlough day in the time period, and the required interest shall be calculated at the actuarially assumed rate from the date of the furlough to the date of payment. Effective immediately.