IL SB3622

Changes the earnings increase threshold in subsection (g) of Section 15-155 (Downstate Teachers) from 3% to 6%, requiring employers to make additional contributions only when a participant's earnings exceed the previous year by more than 6% instead of 3%.

Makes conforming changes to subsection (f-1) of Section 16-158 (State Universities) by striking the entire provision that previously required additional employer contributions for earnings increases exceeding 3% for contracts entered after July 1, 2018.

Eliminates the separate 3% threshold rule (subsection g-1) for Downstate Teachers with new contracts, consolidating earnings increase oversight under the 6% threshold in subsection (g).

Applies immediately upon becoming law with no delayed effective date.