Amends the State Universities Article of the Illinois Pension Code. In provisions concerning the determination of the final rate of earnings for Tier 2 members, provides that, for an employee who is paid on an hourly basis or who receives an annual salary in installments during 12 months of each academic year, the average annual earnings is obtained by dividing by 8 the total earnings of the employee during the 96 consecutive months in which the total earnings were the highest within the last 120 months prior to termination or the average annual earnings during the 8 consecutive academic years of service within the 10 years of service prior to termination in which the employee's earnings were the highest, whichever is greater (instead of only the average annual earnings obtained by dividing by 8 the total earnings of the employee during the 96 consecutive months in which the total earnings were the highest within the last 120 months prior to termination). Provides that the changes made by the amendatory Act are corrections and clarifications of existing law and are intended to be retroactive to January 1, 2011 (the effective date of Public Act 96-1490). Effective immediately.
House Floor Amendment No. 1: Replaces everything after the enacting clause. Reinserts the provisions of the introduced bill with the following changes. Further amends the State Universities Article of the Illinois Pension Code. Provides that a survivors insurance beneficiary or the personal representative of the estate of a deceased survivors insurance beneficiary or the personal representative of a survivors insurance beneficiary who is under a legal disability may waive the right to receive survivorship benefits, provided written notice of the waiver is given by the beneficiary or representative to the Board of Trustees within 6 months after the System notified that person of the benefits payable upon the death (instead of 6 months after the death) of the participant or annuitant and before any payment is made pursuant to an application filed by such person. Effective immediately.
Senate Committee Amendment No. 1: Replaces everything after the enacting clause. Amends the Illinois Pension Code. Makes a technical change in a Section concerning State universities.
Senate Floor Amendment No. 2: Replaces everything after the enacting clause. Amends the Illinois Pension Code. Makes changes in provisions and sets forth provisions concerning: the cancellation of pensions as a result of re-employment under the Chicago Teachers Article; persons who held elective office under the Illinois Municipal Retirement Fund (IMRF) Article; the transfer of service credit; employer contributions; establishing credit for military service and certain other service; the ordinary disease benefit under the Metropolitan Water Reclamation District (MWRD) Article; the computation of service under the Chicago Teachers Article; indemnification of trustees; the occupational disease benefit under the Chicago Firefighters Article; the election of members to Board of the Firefighters' Pension Investment Fund; the calculation of final rate of earnings and survivors insurance benefits under the State Universities Article; the optional defined contribution benefit under the Downstate Teachers Article; the deferred compensation plan under the State Universities Article; an estimated payment for members eligible to receive an alternative retirement annuity under the State Employees Article; an additional employer contribution for employing affected annuitants under the State Universities Article; and other provisions. Amends the State Mandates Act to requirement implementation without reimbursement. Certain provisions are effective immediately
Senate Floor Amendment No. 3: Further amends the Illinois Pension Code. In the Illinois Municipal Retirement Fund (IMRF) Article, adds the Joliet Regional Port District to the list of entities permitted to participate in the Fund as participating instrumentalities.
Senate Floor Amendment No. 4: In provisions concerning indemnification of trustees, consultants, and employees, provides that every retirement system, pension fund, or other system or fund established under this Code may (instead of shall) indemnify and protect its consultants against all damage claims and suits, including the defense thereof, when damages are sought for negligent or wrongful acts alleged to have been committed in the scope of employment or under the direction of the trustees. In the Chicago Municipal Article, removes provisions concerning the Board of Trustees' powers to reproduce records.

Statutes affected:
Introduced: 40 ILCS 5/15
Engrossed: 40 ILCS 5/15
Enrolled: 40 ILCS 5/17, 40 ILCS 5/7, 40 ILCS 5/13, 40 ILCS 5/1, 40 ILCS 5/6, 40 ILCS 5/15, 40 ILCS 5/16, 40 ILCS 5/3, 40 ILCS 5/22, 40 ILCS 5/4, 40 ILCS 5/9, 40 ILCS 5/14, 30 ILCS 805/8