SB2547sam002 96TH GENERAL ASSEMBLY

Sen. Deanna Demuzio

Filed: 3/15/2010

09600SB2547sam002 LRB096 16689 AMC 38910 a

AMENDMENT TO SENATE BILL 2547

AMENDMENT NO. ______. Amend Senate Bill 2547, AS AMENDED, by replacing everything after the enacting clause with the following:

"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, 2010. 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 stipend associated with being a National Board Certified Teacher between January 1, 2010 and June 30, 2010 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 actuarial assumed rate of interest.

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