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IL SB4010
Bill
Status
Introduced
2/6/2026
Primary Sponsor
Steve McClure
Click for details
AI Summary
- Amends the Downstate Teacher Article of the Illinois Pension Code regarding service credit for former private school teachers and administrators
- Changes the interest rate required when purchasing service credit for prior employment at Illinois State Board of Education-recognized private schools
- Reduces the interest calculation from the "actuarially assumed rate" to "regular interest" for establishing this service credit
- Applies to teachers or administrators seeking to buy back pension credit for time worked at private or parochial schools before joining the public Teachers' Retirement System
- Introduced by Senator Steve McClure on February 6, 2026
Legislative Description
PEN CD-TRS-SERVICE CREDIT
Last Action
Placed on Calendar Order of 3rd Reading March 10, 2026
3/5/2026
Committee Referrals
Pensions2/24/2026
Assignments2/6/2026
Full Bill Text
No bill text available