Illinois HB3193 amends the Illinois Pension Code to clarify the calculation of final rate of earnings for Tier 2 members.
Illinois HB3193 amends the Illinois Pension Code to clarify the calculation of the final rate of earnings for Tier 2 members. The bill specifies that for employees paid on an hourly basis or who receive an annual salary in installments during 12 months of each academic year, the final rate of earnings is determined by 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.
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