How are earnings defined under Section 40 ILCS 5/15-111?
Specifically, the Pension Code provides a global definition of “earnings” as “an amount paid for personal services equal to the sum of the basic compensation plus extra compensation for summer teaching, overtime or other extra service.” (40 ILCS 5/15-111) In the new provisions of Public Acts 094-0004 and 094-1057, the operative section refers to comparisons of the “final rate of earnings”. Exclusions from the final rate of earnings calculation are delineated as below: “The following are not considered as earnings in determining the final rate of earnings: (1) severance or separation pay, (2) retirement pay, (3) payment for unused sick leave, and (4) payments from an employer for the period used in determining final rate of earnings for any purpose other than (i) services rendered, (ii) leave of absence or vacation granted during that period, and (iii) vacation of up to 56 work days allowed upon termination of employment; except that, if the benefit has been collectively bargained betwe
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