HB3661 Summary

• Allows Teachers' Retirement System members to establish up to 2 years of optional service credit for employment at the New York School for the Deaf before January 1, 1975, if they apply within 12 months of the bill's effective date.

• Members seeking this credit must pay contributions equal to employee contributions plus the employer's normal cost of benefits plus interest at the actuarially assumed rate from first Illinois teaching employment to payment date.

• Credit under this provision is reduced proportionately if any portion of the out-of-state service has been validated by another state retirement system.

• Members are eligible for this credit regardless of whether the New York School for the Deaf employment required a teaching certificate.

• The new benefit increase is designated to expire 5 years after the effective date of this amendatory act, with funding provided through additional employee contributions.