Governor Pritzker “Inks” Return to 6% Limit on End-of-Career Earnings Increases
Jun 6, 2019
On June 5, 2019, Governor Pritzker signed the Budget Implementation Bill (“BIMP”) into law as Public Act 100-010. As we previously reported
Here → link to “Status Update: Legislative Action to Revert to 6% Rule is Now Imminent” blog
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.