IL HB4320

Modifies the Illinois Pension Code to require employers under the Teachers' Retirement System (TRS) to make employer contributions calculated as a percentage of projected payroll beginning in fiscal year 2018, with contributions covering defined benefit normal costs less employee contributions.

For fiscal years 2018-2020, employers pay the defined benefit normal cost minus employee contribution; for fiscal year 2021 and thereafter, employers pay normal cost minus employee contribution plus an additional 2%.

Requires employers to amortize any unfunded actuarial accrued liability associated with their account over a 30-year rolling amortization period as a level percentage of payroll.

Adds exemption from State Mandates Act reimbursement requirements for any mandates created by this amendatory act.

Adds provision excluding earnings increases from overload work in academic years following emergency declarations that prevented such work from being offered or conducted.