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SB2547 Engrossed |
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LRB096 16689 AMC 31973 b |
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| AN ACT concerning public employee benefits.
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| Be it enacted by the People of the State of Illinois,
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| represented in the General Assembly:
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| Section 5. The Illinois Pension Code is amended by adding |
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| Section 16-121.1 as follows:
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| (40 ILCS 5/16-121.1 new) |
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| Sec. 16-121.1. Optional earnings credit. A participant may |
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| establish earnings credit for moneys that would have otherwise |
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| been received for being a National Board Certified Teacher had |
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| appropriations been available on or after January 1, 2010 and |
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| ending on or before June 30, 2011. In no case shall the |
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| earnings credit be greater than $3,500. To receive this credit, |
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| the participant must (i) apply in writing to the System before |
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| December 31, 2010; (ii) receive compensation from an employer |
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| for being a National Board Certified Teacher; and (iii) pay the |
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| employee and employer contribution that would have been |
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| required had such salary been received plus interest thereon at |
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| the actuarially assumed rate from the date of the receipt of |
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| any salary associated with being a National Board Certified |
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| Teacher between January 1, 2010 and June 30, 2011 and the date |
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| in which the teacher makes application under this Section, |
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| compounded annually, at a rate determined by the Board to be |
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| equal to the actuarially assumed rate of interest.
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