Sen. Deanna Demuzio
Filed: 3/15/2010
 
 

 




 

 		












09600SB2547sam002

LRB096 16689 AMC 38910 a






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AMENDMENT TO SENATE BILL 2547 




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    AMENDMENT NO. ______. Amend Senate Bill 2547, AS AMENDED, 
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by replacing everything after the enacting clause with the 
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following:

 
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    "Section 5. The Illinois Pension Code is amended  by adding 
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Section 16-121.1 as follows:
 
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    (40 ILCS 5/16-121.1 new)
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    Sec. 16-121.1. Optional earnings credit. A participant may 
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establish earnings credit for moneys that would have otherwise 
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been received for being a National Board Certified Teacher had 
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appropriations been available on or after January 1, 2010 and 
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ending on or before June 30, 2010.  In no case shall the 
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earnings credit be greater than $3,500.  To receive this credit, 
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the participant must (i) apply in  writing to the System before 
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December 31, 2010; (ii) receive compensation from an employer 
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for being a national board certified teacher;  and (iii)  pay the 
 


 






09600SB2547sam002
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LRB096 16689 AMC 38910 a




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employee and employer contribution that would have been 
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required had such salary been received plus interest thereon at 
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the actuarially assumed rate from the date of the receipt of 
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any stipend associated with being a National Board Certified 
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Teacher between January 1, 2010 and June 30, 2010 and  the date 
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in which the teacher makes application under this Section, 
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compounded annually, at a rate determined by the Board to be 
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equal to the actuarial assumed rate of interest.
 

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    Section 99. Effective date. This Act takes effect upon 
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becoming law.".