SB1895 amends the Illinois Pension Code to clarify and correct the calculation of final rate of earnings for public employees.

SB1895 amends the Illinois Pension Code to provide clearer guidelines on calculating the final rate of earnings for public employees. It specifies that for Tier 1 members, the final rate of earnings is based on the highest earnings over 96 months or 8 academic years. For Tier 2 members, it is based on the highest earnings over 48 months or 4 academic years. The bill also excludes certain payments from the earnings calculation and is intended to be retroactive to January 1, 2011.

SB1895 amends the Illinois Pension Code to clarify and correct the calculation of final rate of earnings for public employees.

SB1895 amends the Illinois Pension Code to provide clearer guidelines on calculating the final rate of earnings for public employees. It specifies that for Tier 1 members, the final rate of earnings is based on the highest earnings over 96 months or 8 academic years. For Tier 2 members, it is based on the highest earnings over 48 months or 4 academic years. The bill also excludes certain payments from the earnings calculation and is intended to be retroactive to January 1, 2011.