IL SB2958

Modifies Section 11-215 of the Illinois Pension Code regarding computation of service time for municipal pension purposes.

Changes employer contribution requirements for participants on leave of absence working for local labor organizations: beginning in levy year 2017, contributions equal the employee's contribution amount; effective upon passage, contributions equal the difference between the employee contribution and the normal cost (calculated by the Fund's actuary on an aggregate basis by Tier).

Strikes outdated language requiring employer contributions "after January 1, 1989" and replaces with updated provisions tied to levy year 2017 and the effective date of this act.

Maintains existing requirements that participants continue making employee contributions based on their municipal employment salary and do not receive pension credit from the labor organization itself.

Takes effect upon becoming law.