On June 5, 2019, Governor Pritzker signed the Budget Implementation Bill (“BIMP”) into law as Public Act 100-010. As we previously reported [here], the BIMP included amendments to the TRS and SURS Articles of the Illinois Pension Code to revert back to the 6% rule for end-of-career earnings increases for participants. The reversion from 3% to 6% took effect on June 5, 2019.
Robbins Schwartz may provide additional updates if TRS and/or SURS issues new guidance documents regarding this change. We stand ready to answer questions as to how this change may affect your institution.