SB1958eng 95TH GENERAL ASSEMBLY

SB1958 Engrossed LRB095 16320 AMC 42344 b

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 7-168 as follows:

(40 ILCS 5/7-168) (from Ch. 108 1/2, par. 7-168)

Sec. 7-168. Separation benefits - Amount. The amount of the separation benefits shall be the sum of the employee's accumulated normal, survivor and additional contributions, plus interest at 50% of the prescribed rate of interest per annum from the date of enrollment to the date of termination of participation.

(Source: P.A. 87-740.)

Section 90. The State Mandates Act is amended by adding Section 8.32 as follows:

(30 ILCS 805/8.32 new)

Sec. 8.32. Exempt mandate. Notwithstanding Sections 6 and 8 of this Act, no reimbursement by the State is required for the implementation of any mandate created by this amendatory Act of the 95th General Assembly.

Section 99. Effective date. This Act takes effect upon becoming law.