Synopsis As Introduced Amends the Downstate Teachers Article of the Illinois Pension Code. Allows a teacher to establish credit for certain leaves of absence due to pregnancy. Includes new benefit increase compliance language. Effective immediately.
The fiscal impact of HB 5142 cannot be determined as the number of teachers who may wish to purchase optional service credit for pregnancy leaves of absence is unknown. The bill requires the teacher to pay the employer's normal cost and the employee contribution, plus interest on both, from the date of service to the date of payment. Therefore, the cost should be minimal.
House Committee Amendment No. 1 Makes changes in provisions concerning the member contributions for the establishment of the service to provide that the interest shall be at the actuarially assumed interest rate.