IL SB2162

Excludes housing allowances and vehicle allowances from "earnings" calculations for Illinois Municipal Retirement Fund (IMRF) participants who first become participants on or after the effective date.

Excludes housing allowances and vehicle allowances from "earnings" calculations for State Universities pension system participants who first become participants on or after the effective date.

Excludes housing allowances and vehicle allowances from "salary" calculations for Downstate Teacher pension system members who first become members on or after the effective date.

Changes apply only to newly participating employees; existing participants are not affected by these exclusions.

Takes effect immediately upon becoming law.