Illinois HB2564 amends the Illinois Pension Code to adjust employer contributions for certain salary increases.
HB2564 modifies the Illinois Pension Code to change employer contributions for teachers' salary increases. It specifies that employers must pay additional contributions for salary increases exceeding 6%, but excludes certain salary increases from this requirement. The bill also details the calculation and payment schedule for these contributions, ensuring they are made in a timely manner. Effective immediately upon becoming law.
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