Amends the Chicago Teacher Article of the Illinois Pension Code. Provides that salary received on or after July 1, 1999 for overtime, summer school, and other optional service shall be included in the calculation of salary for pension purposes. Amends the State Mandates Act to require implementation without reimbursement. Effective immediately.
Amends the State Employee Article of the Illinois Pension Code. In provisions concerning final average compensation, provides that, for an employee on leave of absence with pay, or on leave of absence without pay who makes contributions during such leave, the rate of compensation is assumed to be equal to the rate of compensation on the date the leave began. Effective immediately.
Amends the Chicago Teacher Article of the Illinois Pension Code. Provides an early retirement incentive program for certain teachers who terminate service on or after February 1, 2009 and on or before June 30, 2009 or on or after February 1, 2010 and on or before June 30, 2010. Allows the purchase of up to 5 years of age enhancement and creditable service. Amends the State Mandates Act to require implementation without reimbursement. Effective immediately.
Amends the Chicago Laborers Article of the Illinois Pension Code. Provides that the annual annuity increase for a person first employed under the Article on or after the effective date shall be at a rate of 3% of the original fixed annuity (instead of 3% of the current payable monthly annuity). Provides that the city council of the city shall levy a tax annually upon all taxable property in the city at a rate that will produce a sum that will be sufficient to bring the total assets of the Laborers' and Retirement Board Employees' Annuity and Benefit Fund up to 90% of the total actuarial liabilities of the Fund by the end of fiscal year 2016 (instead of a sum that will be sufficient for the requirements of the Article, with a maximum provided). Amends the State Mandates Act to require implementation without reimbursement.
Amends the Unified Code of Corrections. Makes a technical change in a Section concerning parole services.
Amends the Carbon Monoxide Alarm Detector Act. Makes a technical change in a Section concerning the short title.
Amends the Illinois Horse Racing Act of 1975. Provides that the sum held by any licensee for payment of outstanding vouchers, if unclaimed prior to December 31 of the next year, shall be retained by the licensee for payment of such vouchers until that date. Provides that the unclaimed amounts shall be paid to the Illinois Veterans' Rehabilitation Fund. Effective immediately.
Amends the Illinois Pension Code. Makes a technical change in a Section concerning State universities.
Amends the Chicago Teacher Article of the Illinois Pension Code. Provides that a teacher may receive a retirement pension at age 60 with 10 years of service. Amends the State Mandates Act to require implementation without reimbursement. Effective immediately.
Amends the Payday Loan Reform Act. Provides that no payday lender shall offer or make a consumer installment loan exceeding a double digit (99.99%) annual percentage rate from or upon the same location or premises as it offers or makes a payday loan. Provides that "payday loan" or "loan" means a loan with a finance charge exceeding a double digit (99.99%) annual percentage rate (instead of 36% for a term that does not exceed 120 days).
