Illinois HB3193 amends the Illinois Pension Code to clarify and correct the calculation of final rate of earnings for Tier 1 and Tier 2 members.
Illinois HB3193 amends the Illinois Pension Code to clarify and correct the calculation of final rate of earnings for Tier 1 and Tier 2 members. For Tier 1 members, the final rate of earnings is determined by the average annual earnings during the 96 consecutive months in which the total earnings were the highest within the last 120 months prior to termination or the average annual earnings during the 8 consecutive academic years of service within the 10 years of service prior to termination in which the employee's earnings were the highest, whichever is greater.
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