IL HB1261

Amends the Illinois Pension Code Section 14-103.10 to exclude overtime pay from the definition of "compensation" for State Employee Retirement System (SERS) pension calculations for service on or after July 1, 2013.

Overtime pay for personal services performed in excess of the full normal working period for an employee's position is not counted toward pension benefits under the new provision.

The exclusion applies notwithstanding other provisions in the compensation statute that may otherwise include various forms of remuneration.

Takes effect immediately upon becoming law.