Section 1650.451  Reporting of Conditional Payments

Payments that are conditioned upon the occurrence of a future event (e.g., retirement) shall be reported in the school year paid to the member. However, if the condition upon which payment is predicated does not occur and the payment is repaid to the employer, an adjustment is required to remove the payment from the school year in which the payment was originally reported.

(Source:  Amended at 24 Ill. Reg. 2440, effective January 27, 2000)