PENCD-SURS-SERVICE CALCULATION

Amends the State Universities Article of the Illinois Pension Code. Provides that in computing service: if a participant's first day of service begins with less than 15 days remaining in the month, the participant shall be deemed to have qualified as an employee for that entire month; and if a participant's last day of service occurs before the 15th day of the month, the participant shall be deemed to have qualified as an employee for that entire month. Provides that teaching a course or courses totaling 3 or more credit hours or lecture hours equivalent in one semester or 2 quarters shall constitute 4 months of service. Provides that the changes made by the amendatory Act are retroactive to 2 years before the effective date of the amendatory Act. Provides that a participant may request a recalculation of his or her service based on the changes made by the amendatory Act. Requires an employer to annually provide to each of its participating employees a statement of the amount of service the employer reported to the System for that participating employee during the preceding academic year. Provides that if a person disputes the amount of any benefit payment, the amount of service credit the benefit was based on, the formula used to calculate the benefit, the calculation of the benefit, or the information provided to the System by the employer, he or she may, within 90 days after the commencement of the benefit, apply to the System in writing for a recalculation. Provides that any benefit increase that results from the amendatory Act is excluded from the definition of "new benefit increase". Makes other changes. Effective immediately.