IL HB6931

Amends the Illinois Pension Code to allow members to establish creditable service and earnings credit for furlough periods beginning on or after July 1, 2008.

Requires participants to apply in writing to the System before December 31, 2011 and not receive compensation for the furlough period.

Sets employee contribution rates based on compensation earned immediately following the first furlough day, with interest calculated at the actuarially assumed rate from the furlough date to payment date.

Replaces previous language that limited furlough credit to specific periods and day limits with broader language allowing credit for all qualifying furloughs on or after July 1, 2008.

Takes effect immediately upon becoming law.