IL SB2156

Excludes bonuses, housing allowances, vehicle allowances, and club dues from basic compensation and earnings calculations for employees first becoming participants on or after the effective date of this Act.

Establishes new Section 15-111.5 restricting what compensation counts toward pension benefits for new participants in the State Universities Retirement System.

Adds Section 15-113.12 allowing participants to establish earnings credit for voluntary pay reductions taken in lieu of furlough between July 1, 2015 and June 30, 2017, with application deadline of December 31, 2018.

Expands Section 15-113.11 to include a new subsection (b) allowing similar earnings credit for furlough periods between July 1, 2015 and June 30, 2017.

Authorizes the System to assess penalties of $250 per day (maximum $25,000) on employers failing to respond to information requests within 90 days, and allows the System to withhold benefit payments when participants fail to provide required information within 90 days.