PEN CD-EMPLOYER CONTRIBUTIONS

Amends the Illinois Pension Code. In a provision of the State Universities Article that requires an employer to make an additional contribution to the System for certain earnings increases greater than 3%, excludes earnings increases paid to a participant when the participant is 10 or more years from retirement eligibility under specified provisions and earnings increases resulting from overload work or a promotion if certain requirements are met. Provides that the exclusions apply only to payments made or salary increases given in academic years beginning on or after July 1, 2018 and that the changes made by the amendatory Act shall not require the System to refund any payment received before the effective date of the amendatory Act. In a provision of the Downstate Teacher Article that requires an employer to make an additional contribution to the System for certain salary increases greater than 3%, excludes (i) salary increases paid to a teacher when the teacher is 10 or more years from retirement eligibility under specified provisions, (ii) salary increases resulting from overload work or a promotion if certain requirements are met, and (iii) payments from the State or the State Board of Education over which the employer does not have discretion. Provides that the exclusions apply only to payments made or salary increases given in school years beginning on or after July 1, 2018 and that the changes made by the amendatory Act shall not require the System to refund any payment received before the effective date of the amendatory Act. Makes conforming changes. Effective immediately.