Senate Sponsors: MOLARO. Short description: PEN CD-FINAL AVERAGE SALARY Synopsis of Bill as introduced: Amends the State Employee and Downstate Teacher Articles of the Illinois Pension Code. Changes the definitions of "final average salary" and "final average compensation" to allow consideration of periods outside the last 10 years of creditable service. Effective immediately. PENSION NOTE (Pension Laws Commission) The fiscal impact of SB 669 cannot be estimated, but is esti- mated to be very minor, as most employees receive the highest compensation within the last 10 years of service. Therefore, most employees would not receive larger benefits by allowing final average salary to be calculated using the 47 consecutive months of service in which total compensation was the highest. PENSION NOTE, REVISED (Pension Laws Commission) The fiscal impact of SB 669 cannot be estimated, but is esti- mated to be very minor, as most employees receive the highest compensation within the last 10 years of service. Therefore, most employees would not receive larger benefits by allowing final average salary to be calculated using the 48 consecutive months of service in which total compensation was the highest. Last action on Bill: SESSION SINE DIE Last action date: JAN-07-2003 Location: Senate Amendments to Bill: AMENDMENTS ADOPTED: HOUSE - 0 SENATE - 0 END OF INQUIRY Full Text Bill Status