SB4010 amends the Illinois Pension Code to adjust the calculation of salary rates for teachers with military service.
SB4010 modifies the Illinois Pension Code to change how salary rates are calculated for teachers who have served in the military. It specifies that the salary rate for teachers with military service will be based on their salary at the time of entering military service or the first date back as a teacher after service, whichever is higher. Additionally, it mandates that for each subsequent school term, the salary rate will increase by 5% from the previous term. The bill also details the contributions required to establish service credit, including interest rates and compounding periods.
Included in complete analysis
- Overview
- Core Provisions
- Implementation
- Impact
- Legal Framework
- Critical Issues
See what it does, who it affects, and the critical issues in plain language. Free, 30 seconds.