IL SB4000

Amends the Illinois Pension Code Section 17-149 regarding cancellation of pensions for retired teachers who are re-employed.

Service retirement pensioners re-employed on temporary, non-annual, or hourly basis can keep their pension if they work no more than 140 days per school year (beginning July 1, 2022 through July 1, 2024) or 120 days per school year (beginning July 1, 2024 onward).

Allows retired principals with at least 5 years of service to earn compensation up to the daily rate for retired principals multiplied by 100, or $30,000 per school year, without losing their pension.

Driver education instructors teaching only after regular school hours are permitted up to 900 hours of work annually under the same pension protection rules.

Requires pensioners to notify the Fund and Board of Education before accepting re-employment under these provisions, and employers must certify employee status and compensation to the Fund quarterly.