SB2547eng 96TH GENERAL ASSEMBLY

SB2547 Engrossed LRB096 16689 AMC 31973 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 adding Section 16-121.1 as follows:

(40 ILCS 5/16-121.1 new)

Sec. 16-121.1. Optional earnings credit. A participant may establish earnings credit for moneys that would have otherwise been received for being a National Board Certified Teacher had appropriations been available on or after January 1, 2010 and ending on or before June 30, 2011. In no case shall the earnings credit be greater than $3,500. To receive this credit, the participant must (i) apply in writing to the System before December 31, 2010; (ii) receive compensation from an employer for being a National Board Certified Teacher; and (iii) pay the employee and employer contribution that would have been required had such salary been received plus interest thereon at the actuarially assumed rate from the date of the receipt of any salary associated with being a National Board Certified Teacher between January 1, 2010 and June 30, 2011 and the date in which the teacher makes application under this Section, compounded annually, at a rate determined by the Board to be equal to the actuarially assumed rate of interest.

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