Bill Text: IL SB2547 | 2009-2010 | 96th General Assembly | Engrossed

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Bill Title: Amends the Downstate Teacher Article of the Illinois Pension Code. Includes within the definition of "salary" any stipend awarded to a National Board Certified teacher (regardless of whether the teacher actually receives the stipend or the stipend is prorated due to budgetary reasons). Effective immediately.

Sponsorship: Partisan Bill (Democrat 1)

Status: (Engrossed - Dead) 2010-04-20 - Referred to Rules Committee [SB2547 Detail]

Download: Illinois-2009-SB2547-Engrossed.html

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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.

SB2547 Engrossed - 2 - LRB096 16689 AMC 31973 b
Section 99. Effective date. This Act takes effect upon
becoming law.