IL SB2989

Extends the deadline for teachers to apply for pension credit for private school service to 2 years after the effective date of this act (previously June 1, 2009).

Changes the contribution calculation for private school service credit from a fixed 16.5% of salary to the employee and employer contribution that would have been required had the service been rendered as a member.

Modifies the interest rate calculation for private school service contributions from a fixed 8.0% per year to the actuarially assumed rate as determined by the Board.

Exempts the state from reimbursement obligations under the State Mandates Act for implementing the changes created by this act.

Takes effect upon becoming law.