SB4010 amends the Illinois Pension Code to adjust interest rates for service credit for certain teachers and administrators.
SB4010 amends the Illinois Pension Code to change the interest rates for service credit for teachers and administrators employed by private schools recognized by the Illinois State Board of Education. The bill specifies different interest rates for periods before and after June 30, 1977, and adjusts the interest rates for service credit established under certain subsections. The changes affect the calculation of contributions required to establish service credit for these educators.
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