SB 1374

Amends the State Universities Article of the Illinois Pension Code. In a provision concerning additional employer contributions for employers that employ or re-employ affected annuitants, provides that the required employer contribution for employment of an affected annuitant in an academic year shall be equal to the lesser of: (1) 3 times the amount of the gross monthly retirement annuity payable to the annuitant for the month in which the first paid day of that employment in that academic year occurs, after any reduction in that annuity that may be imposed under a specified provision; or (2) $100,000 (instead of equal to 12 times the amount of the gross monthly retirement annuity payable to the annuitant for the month in which the first paid day of that employment in that academic year occurs, after any reduction in that annuity that may be imposed under a specified provision). Provides that the changes to the required employer contribution made by the amendatory Act apply to employer contributions required on or after January 1, 2021. Provides that a person who becomes an affected annuitant remains an affected annuitant, except for any period during which the annuitant received, or became entitled to receive, during an academic year compensation for that employment equal to 40% or less of his or her highest annual earnings prior to retirement. Effective immediately.