IL SB0060

Increases the earnings growth threshold for additional employer contributions from 3% to 6% for participants in the Downstate Teachers' and State Universities pension systems, applying to academic/school years beginning on or after the bill's effective date.

Removes the provision that previously required employers to make additional contributions when participant earnings exceeded prior year earnings by more than 3% for contracts entered into on or after July 1, 2018.

Makes conforming changes to both the Downstate Teachers Article (Section 15-155) and State Universities Article (Section 16-158) of the Illinois Pension Code to maintain consistency between the two pension systems.

Takes effect immediately upon becoming law.