IL SB1582

Amends the Illinois Pension Code Section 13-208 to change how "average final salary" is calculated for public employee pension benefits.

Changes the calculation period from the highest 52 consecutive pay periods to the highest 520 consecutive paid days of service within the last 10 years before retirement.

Changes the divisor used in the calculation from 2 to 24, resulting in a monthly average rather than an annual average salary figure.

Adds language requiring that partial work days be counted according to the applicable Fund's administrative rules when an employee is paid for any portion of a work day.

Takes effect upon becoming law.