Bill Status of HB0315 100th General Assembly
Short Description: PEN CD-ACCEL BENEFIT PAYMENT
Rep. Mark Batinick, Grant Wehrli and Thomas Morrison
|Personnel & Pensions Committee Hearing Mar 30 2017 10:00AM Capitol Building Room 122B Springfield, IL |
Statutes Amended In Order of Appearance
Synopsis As Introduced
Amends the General Assembly, State Employee, State Universities, Downstate Teachers, and Judges Articles of the Illinois Pension Code. No later than January 1, 2018, requires each System to calculate the net present value of the pension benefits for each eligible person and to offer that eligible person the opportunity to elect to receive an accelerated pension benefit payment equal to 70% of the net present value of his or her pension benefits in lieu of receiving any pension benefit. Provides that the election must be made before July 1, 2018 and 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 the accelerated pension benefit 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 to eligible persons. 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.