Synopsis As Introduced Amends the State Universities Article of the Illinois Pension Code. Provides that compensation that would have been paid to the employee but for a mandatory furlough is credited to the employee for the purpose of defining final rate of earnings under the Article. Effective immediately.
Further amends the State Universities Article of the Illinois Pension Code. Allows a participant to establish creditable service and earnings credit for periods of furlough beginning on or after July 1, 2009 and ending on or before June 30, 2011. Provides that to receive this credit, the participant must (i) apply in writing to the System before December 31, 2011; (ii) not receive compensation from an employer for any furlough period; and (iii) make specified employee contributions based on the rate of basic compensation during the periods of furlough, plus an amount determined by the Board to be equal to the employer's normal cost of the benefit, plus compounded interest at the actuarially assumed rate from the date of voluntary or involuntary furlough to the date of payment. Requires the participant to provide, at the time of application, written certification from the employer providing the total number of furlough days a participant has been required to take.