PEN CD-NEW EMPLOYEES

Amends the General Assembly, State Employees, State Universities, Downstate Teachers, and Judges Articles of the Illinois Pension Code. With respect to service on or after July 1, 2011 by current employees, adds provisions concerning the annuity rate of accrual, annuity calculations, automatic annual increases, and survivors' annuities. With respect to later entrants (members who first become members on or after July 1, 2011), adds provisions concerning creditable service, conditions for eligibility, amount of annuities, automatic annual increases, survivors' annuities, and refunds. Defines "salary", "earnings", "compensation", and "wages" for periods of service on and after July 1, 2011 for any participant or member of any retirement system or pension fund under this Code. Effective immediately.