HB 4256

Abstract

Amends the State Universities Article of the Illinois Pension Code. Provides that for an employee who becomes a participant on or after the effective date of the amendatory Act, "basic compensation" does not include (1) the value of maintenance, board, living quarters, personal laundry, or other allowances furnished in lieu of salary which are considered gross income under the Internal Revenue Code; (2) certain employee contributions to the System; (3) certain employer contributions to a custodial account; and (4) fringe benefits that an employee elects to receive, in lieu of cash salary or wages, that are not taxable under the Internal Revenue Code. Effective immediately.