PENCD-ART 16-SALARY INCREASE

Amends the Downstate Teachers Article of the Illinois Pension Code. Provides that, for the purpose of computing final average salary, salary does not include any lump sum payment. Provides that if a teacher's salary for any school year that is used to determine final average salary is increased over the amount of his or her salary with the same employer for the previous school year by an amount greater than the increase that would result from the application of a Compensation Review Board provision governing salary increases for certain public officials, the teacher's employer shall pay to the System the present value of the increase in benefits resulting from the portion of the increase in salary that is in excess of the salary increase that would result from the application of that Compensation Review Board provision. Provides that the provision requiring an employer to pay the present value of the portion of a salary increase applies to salaries paid to teachers under contracts or collective bargaining agreements entered into, amended, or renewed on or after the effective date of the amendatory Act. Amends the State Mandates Act to require implementation without reimbursement. Effective immediately.