PEN CD-IMRF-UNPENSIONABLE PMTS

Amends the Illinois Municipal Retirement Fund (IMRF) Article of the Illinois Pension Code. Provides that any payment that (i) is made by a participating municipality to an employee during the year before the employee's termination of service and after the employee has expressed to the municipality his or her intent to retire and (ii) would have the effect of increasing the employee's rate of earnings by more than 6%, shall not be deemed to be "earnings" for pension purposes and shall not be included in the determination of the rate of earnings, unless the governing board of the municipality has separately confirmed that payment to that specific employee, by ordinance or resolution, at a meeting open to the public and posted and held in accordance with the requirements of the Open Meetings Act. Amends the Open Meetings Act to make a conforming change. Effective immediately.