SB2950 - 104th General Assembly (2025-2026)

PEN CD-ACCELERATED BENEFIT
Last Action
3/12/2026 - Senate: Placed on Calendar Order of 3rd Reading March 24, 2026
Statutes Amended In Order of Appearance
30 ILCS 330/2  from Ch. 127, par. 652
30 ILCS 330/2.5  
30 ILCS 330/7.7  
40 ILCS 5/14-147.5  
40 ILCS 5/14-147.6  
40 ILCS 5/15-185.5  
40 ILCS 5/15-185.6  
40 ILCS 5/16-190.5  
40 ILCS 5/16-190.6  
Synopsis As Introduced
Amends the General Obligation Bond Act. Authorizes an additional $700,000,000 of State Pension Obligation Acceleration Bonds. Makes a conforming change. Amends the State Employees, State Universities, and Downstate Teachers Articles of the Illinois Pension Code. Extends the option for a participant to receive an accelerated pension benefit payment in lieu of any pension benefit or for a reduction in the increases to his or her annual retirement annuity and survivor's annuity to June 30, 2028 (instead of June 30, 2026). Effective immediately.
Actions
DateChamberAction
1/27/2026SenateFiled with Secretary by Sen. Robert F. Martwick
1/27/2026SenateFirst Reading
1/27/2026SenateReferred to Assignments
3/03/2026SenateAssigned to Pensions
3/11/2026SenateDo Pass Pensions; 007-000-000
3/11/2026SenatePlaced on Calendar Order of 2nd Reading March 12, 2026
3/12/2026SenateSecond Reading
3/12/2026SenatePlaced on Calendar Order of 3rd Reading March 24, 2026