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90_HB0899 40 ILCS 5/15-112 from Ch. 108 1/2, par. 15-112 Amends the State Universities Article of the the Pension Code to allow certain university firefighters to have their benefits based on their salary on the last day of service as a firefighter. Effective immediately. LRB9000413EGfg LRB9000413EGfg 1 AN ACT to amend the Illinois Pension Code by changing 2 Section 15-112. 3 Be it enacted by the People of the State of Illinois, 4 represented in the General Assembly: 5 Section 5. The Illinois Pension Code is amended by 6 changing Section 15-112 as follows: 7 (40 ILCS 5/15-112) (from Ch. 108 1/2, par. 15-112) 8 Sec. 15-112. Final rate of earnings. "Final rate of 9 earnings": For an employee who is paid on an hourly basis or 10 who receives an annual salary in installments during 12 11 months of each academic year, the average annual earnings 12 during the 48 consecutive calendar month period ending with 13 the last day of final termination of employment or the 4 14 consecutive academic years of service in which the employee's 15 earnings were the highest, whichever is greater. For any 16 other employee, the average annual earnings during the 4 17 consecutive academic years of service in which his or her 18 earnings were the highest. For an employee with less than 48 19 months or 4 consecutive academic years of service, the 20 average earnings during his or her entire period of service. 21 The earnings of an employee with more than 36 months of 22 service prior to the date of becoming a participant are, for 23 such period, considered equal to the average earnings during 24 the last 36 months of such service. For an employee on leave 25 of absence with pay, or on leave of absence without pay who 26 makes contributions during such leave, earnings are assumed 27 to be equal to the basic compensation on the date the leave 28 began. For an employee on disability leave, earnings are 29 assumed to be equal to the basic compensation on the date 30 disability occurs or the average earnings during the 24 31 months immediately preceding the month in which disability -2- LRB9000413EGfg 1 occurs, whichever is greater. 2 For a participant who retires on or after the effective 3 date of this amendatory Act of 1997 with at least 20 years of 4 service as a firefighter under this Article, the final rate 5 of earnings shall be the annual rate of earnings received by 6 the participant on his or her last day as a firefighter under 7 this Article, if that is greater than the final rate of 8 earnings as calculated under the other provisions of this 9 Section. 10 If a participant is an employee for at least 6 months 11 during the academic year in which his or her employment is 12 terminated, the annual final rate of earnings shall be 25% of 13 the sum of (1) the annual basic compensation for that year, 14 and (2) the amount earned during the 36 months immediately 15 preceding that year, if this is greater than the final rate 16 of earnings as calculated under the other provisions of this 17 Section. 18 The following are not considered as earnings in 19 determining final rate of earnings: separation pay, 20 retirement pay, payment in lieu of unused sick leave and 21 payments from an employer for the period used in determining 22 final rate of earnings for any purpose other than services 23 rendered, leave of absence or vacation granted during that 24 period, and vacation of up to 56 work days allowed upon 25 termination of employment under a vacation policy of an 26 employer which was in effect on or before January 1, 1977. 27 Intermittent periods of service shall be considered as 28 consecutive in determining final rate of earnings. 29 (Source: P.A. 84-1472.) 30 Section 99. Effective date. This Act takes effect upon 31 becoming law.
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