IL HB2966

Changes the minimum service credit requirement for IMRF board trustees from "at least 8 years of creditable service" to "the minimum service credit in this Fund to qualify for a pension," effective for individuals after January 1, 1979.

Clarifies that the change to Section 7-172(k) regarding earnings increases is retroactive to January 1, 2012, and specifies that "reported earnings" replaces "salary" in the calculation of excess earnings subject to additional pension contributions.

Excludes from excess earnings calculations: overload or overtime earnings, standard employment promotions with increased responsibility, earnings increases under pre-2012 contracts or collective bargaining agreements, employees 10 or more years from retirement eligibility, and earnings from pre-2012 personnel policies not applied to employees hired after January 1, 2012.