IL SB1450

Amends the Chicago Teacher Article of the Illinois Pension Code to change how validated service credit is calculated for pension purposes

Allows Chicago Teachers' Pension Fund contributors to receive the greater of two calculation methods: one day of service credit for each day paid, OR 10 days of service credit for each 10-day employment period where they worked 50% or more of regularly scheduled hours

Maintains existing limits preventing contributors from earning more than one year of service credit per fiscal year, more than one day of credit per calendar day, or more than 10 days of credit in any 2-week period

Retains current rules that 17 or more days of service in a calendar month equals one month of credit, and 170 or more days (or 10 months) in a fiscal year equals one year of credit