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(40 ILCS 5/15-158.3)
Sec. 15-158.3. Reports on cost reduction; effect on retirement at any age
with 30 years of service.
(a)
On or before November 15, 2001 and on or before November 15th of each
year thereafter, the Board shall have the System's actuary prepare a report
showing, on a fiscal year by fiscal year basis, the actual rate of
participation in the self-managed plan
authorized by Section
15-158.2, (i) by employees of the System's covered higher educational
institutions who were hired on or after the implementation date of the
self-managed plan and (ii) by other System
participants.
(b) On or before November 15th of 2001 and on or before November 15th of
each year thereafter, the Illinois Board of Higher Education, in conjunction
with the
Bureau of the
Budget (now Governor's Office of Management and Budget) shall prepare a
report showing, on a
fiscal year by fiscal year basis, the amount by which the costs associated with
compensable sick leave have been reduced as a result of the termination of
compensable sick leave accrual on and after January 1, 1998 by employees of
higher education institutions who are participants in the System.
(c) (Blank).
(d) The report required under subsection (b) shall be
disseminated to the Board, the Pension Laws
Commission (until it ceases to exist), the Commission on Government Forecasting and Accountability, the Illinois Board of Higher Education, and the
Governor.
(e) The report required under subsection (b) shall be
taken into account by the Pension
Laws Commission (or its successor, the Commission on Government Forecasting and Accountability) in
making any recommendation to extend by legislation beyond
December 31, 2002 the provision that allows a System participant to retire at
any age with 30 or more years of service as authorized in Section 15-135.
(Source: P.A. 102-19, eff. 7-1-21.)
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