SB3954: PEN CD-TRS-EMPLOYMENT

Legislative Summary

Amends the Downstate Teacher Article of the Illinois Pension Code. Provides that the effective date of a retirement annuity may be after the date of official termination of employment but before de minimis posttermination employment as long as such employment is (1) less than 10 days in length, (2) less than $2,000 in compensation, and (3) is deemed de minimis by the System. Provides that any benefit increase that results from the amendatory Act is excluded from the definition of "new benefit increase". Effective immediately.