SB0701 Summary

• Excludes vehicle allowances from pension "earnings" calculations for employees who first become participating employees on or after the effective date of this act.

• Excludes earnings increases resulting from payments for unused vacation time made in the final 3 months of the final rate of earnings period when assessing pension contribution payments under the salary spike provision.

• Modifies the Illinois Pension Code sections 7-114 and 7-172 to adjust how municipal pension contributions and employee benefits are calculated under the Illinois Municipal Retirement Fund (IMRF).