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 Bill Status of SB1820  100th General Assembly


Short Description:  PEN CD-ACCEL BENEFIT PAYMENT

Senate Sponsors
Sen. Dan McConchie

Last Action
DateChamber Action
  2/9/2017SenateReferred to Assignments

Statutes Amended In Order of Appearance
5 ILCS 375/3from Ch. 127, par. 523
5 ILCS 375/10from Ch. 127, par. 530
20 ILCS 3501/801-40
30 ILCS 105/5.878 new
30 ILCS 330/2from Ch. 127, par. 652
30 ILCS 330/2.5
30 ILCS 330/7.6 new
30 ILCS 330/9from Ch. 127, par. 659
30 ILCS 330/11from Ch. 127, par. 661
30 ILCS 330/12from Ch. 127, par. 662
30 ILCS 330/13from Ch. 127, par. 663
40 ILCS 5/2-154.5 new
40 ILCS 5/2-154.6 new
40 ILCS 5/2-162
40 ILCS 5/14-147.5 new
40 ILCS 5/14-147.6 new
40 ILCS 5/14-152.1
40 ILCS 5/15-185.5 new
40 ILCS 5/15-185.6 new
40 ILCS 5/15-198
40 ILCS 5/16-190.5 new
40 ILCS 5/16-190.6 new
40 ILCS 5/16-203
40 ILCS 5/18-161.5 new
40 ILCS 5/18-161.6 new
40 ILCS 5/18-169
40 ILCS 15/1.9 new


Synopsis As Introduced
Amends the Illinois Pension Code with respect to the 5 State-funded retirement systems. Provides that beginning January 1, 2018, a person under one of those Articles who (i) has terminated service,(ii) has met the age and service requirement to receive a retirement annuity, (iii) has not received a retirement annuity under that Article, and (iv) meets certain other eligibility requirements may elect to receive, in lieu of any pension benefits under that Article, a lump sum accelerated pension benefit payment equal to 70% of the net present value of his or her pension benefits or may elect to receive a partial accelerated pension benefit payment in exchange for a specified reduction in pension benefits. Provides that if a person elects to receive an accelerated pension benefit payment, his or her credits and creditable service under that Article shall be terminated upon receipt of the accelerated pension benefit payment; except that the terminated service credit shall be used for the purposes of determining participation and benefits under the State Employees Group Insurance Act of 1971. Makes other changes. Amends the State Employees Group Insurance Act of 1971 to make related changes. Amends the Illinois Finance Authority Act. Requires the Authority to issue bonds if the amount of those payments exceed the amount appropriated to each System for those payments. Amends the General Obligation Bond Act. Authorizes $250,000,000 in State Pension Obligation Acceleration Bonds to be sold to pay for accelerated pension benefit payments. Amends the State Pension Funds Continuing Appropriation Act to create a continuing appropriation for payments on those Bonds. Amends the State Finance Act to create the State Pension Obligation Acceleration Bond Fund. Effective immediately.

Actions 
DateChamber Action
  2/9/2017SenateFiled with Secretary by Sen. Dan McConchie
  2/9/2017SenateFirst Reading
  2/9/2017SenateReferred to Assignments

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