§ 15-158.3. Reports on cost reduction; effect on retirement at any age with 30 years of service.
(a) On or before November 15, 2001 and on or before November 15th of each year thereafter,
the Board shall have the System's actuary prepare a report showing, on a fiscal year
by fiscal year basis, the actual rate of participation in the self-managed plan authorized
by Section 15-158.2, (i) by employees of the System's covered higher educational institutions
who were hired on or after the implementation date of the self-managed plan and (ii)
by other System participants.
(b) On or before November 15th of 2001 and on or before November 15th of each year
thereafter, the Illinois Board of Higher Education, in conjunction with the Bureau
of the Budget (now Governor's Office of Management and Budget) shall prepare a report
showing, on a fiscal year by fiscal year basis, the amount by which the costs associated
with compensable sick leave have been reduced as a result of the termination of compensable
sick leave accrual on and after January 1, 1998 by employees of higher education institutions
who are participants in the System.
(d) The report required under subsection (b) shall be disseminated to the Board, the
Pension Laws Commission (until it ceases to exist), the Commission on Government Forecasting
and Accountability, the Illinois Board of Higher Education, and the Governor.
(e) The report required under subsection (b) shall be taken into account by the Pension
Laws Commission (or its successor, the Commission on Government Forecasting and Accountability)
in making any recommendation to extend by legislation beyond December 31, 2002 the
provision that allows a System participant to retire at any age with 30 or more years
of service as authorized in Section 15-135.
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