PENCD-SURS-SERVICE CALCULATION

Amends the State Universities Article of the Illinois Pension Code. Provides that for the purposes of computing service for academic years for any participant, one month of service means a calendar month during which the participant qualifies as an employee for any fraction of the month (instead of at least 15 or more days). Provides that the change applies to all service periods of a member who is a participant on or after January 1, 2024, except for certain service periods subject to purchases of service credit, repayment of a refund or distribution, or transfers of service if payment for such purchase, repayment, or transfer commenced prior to January 1, 2024. Provides that a provision concerning calculating a retirement annuity for a participant who has been employed at 1/2 time or less for 3 or more years shall not apply to a member who is a participant on or after January 1, 2024. Provides that any benefit increase that results from the amendatory Act is excluded from the definition of "new benefit increase". Makes conforming changes. Effective immediately.