August 11, 2023
Earlier this month, Governor Pritzker approved Senate Bill 1824. The bill puts in place the following provisions, which will impact IMRF Employers:
- Requires all new IMRF Authorized Agents to complete an IMRF-provided training course within 3 months of appointment, effective January 1, 2024.
- Creates additional exemptions to what IMRF calls the Accelerated Payment, which requires employers to pay the employer portion of certain pension cost increases on a faster schedule than the remaining portion. Accelerated Payments change the timing of the liability, not the amount.
- Allows IMRF trustees who change jobs within a Board term to remain on the Board as long as there is no break in service and they continue to meet all eligibility requirements in the new job.
Senate Bill 1924 was also passed and puts in place the following provision:
- Added Regional Offices of Education as a new educational employer type allowed to use "Unused, Unpaid Sick Time" accumulated from multiple educational employers.
For more information on 103rd General Assembly Bills Introduced in 2023, click here.