PEN CD-QILDRO-CALCULATION

Amends the Illinois Pension Code. Provides that a QILDRO may specify a percentage of the member's benefit or apply a formula to determine the amount of the member's benefit to be paid to an alternate payee. Provides that, if so specified, a QILDRO shall take effect at a date other than at the time the benefit becomes payable. Provides that an alternate payee may not consent to a form of payment that has the effect of diminishing the amount of the payment to which he or she is entitled unless the written consent is notarized. Effective immediately.