SB3344 103RD GENERAL ASSEMBLY

LRB103 36823 RPS 66934 b

103RD GENERAL ASSEMBLY
State of Illinois
2023 and 2024
SB3344

Introduced 2/7/2024, by Sen. Robert F. Martwick

SYNOPSIS AS INTRODUCED:

40 ILCS 5/17-114

from Ch. 108 1/2, par. 17-114

Amends the Chicago Teacher Article of the Illinois Pension Code. Provides that when computing days of validated service, contributors shall receive the greater of: (1) one day of service credit for each day for which they are paid salary representing a partial or a full day of employment rendered to an employer or the Board of Trustees of the Fund; or (2) 10 days of service credit for each 10-day period of employment in which the contributor worked 50% or more of the regularly scheduled hours (instead of one day of service credit for each day for which they are paid salary representing a partial or a full day of employment rendered to an employer or the Board).

A BILL FOR

AN ACT concerning public employee benefits.

Be it enacted by the People of the State of Illinois, represented in the General Assembly:

Section 5. The Illinois Pension Code is amended by changing Section 17-114 as follows:

(40 ILCS 5/17-114) (from Ch. 108 1/2, par. 17-114)

Sec. 17-114. Computation of service.

(a) When computing days of validated service, contributors shall receive the greater of: (1) one day of service credit for each day for which they are paid salary representing a partial or a full day of employment rendered to an Employer or the Board; or (2) 10 days of service credit for each 10-day period of employment in which the contributor worked 50% or more of the regularly scheduled hours.

(b) When computing months of validated service, 17 or more days of service rendered to an Employer or the Board in a calendar month shall entitle a contributor to one month of service credit for purposes of this Article.

(c) When computing years of validated service rendered, 170 or more days of service in a fiscal year or 10 or more months of service in a fiscal year shall constitute one year of service credit.

(d) Notwithstanding subsections (b) and (c) of this Section, validated service in any fiscal year shall be that fraction of a year equal to the ratio of the number of days of service to 170 days.

(e) For purposes of this Section, no contributor shall earn (i) more than one year of service credit per fiscal year, (ii) more than one day of service credit per calendar day, or (iii) more than 10 days of service credit in a 2 calendar week period as determined by the Fund.

(Source: P.A. 99-176, eff. 7-29-15.)