IL SB3786

Amends the Illinois Pension Code regarding the Illinois Municipal Retirement Fund (IMRF) by changing the payment period for additional contributions required due to certain earnings increases above 6% or 1.5 times the annual consumer price index increase from 3 years to 7 years.

Participating municipalities and instrumentalities must still pay the present value of pension increases resulting from earnings exceeding the greater of 6% or 1.5 times the annual CPI-U increase, but now have extended time to conclude these payments.

The bill provides exceptions to the earnings cap assessment, excluding overload/overtime earnings, unused vacation time payments in the final 3 months, standard employment promotions, workers' compensation periods, federal/state law requirements, and certain pre-2012 contract provisions.

Effective immediately upon passage.