Bill Status of SB 3280   99th General Assembly

Short Description:  PEN CD-ACCEL BENEFIT PAYMENT

Senate Sponsors
Sen. Matt Murphy

Last Action  View All Actions

DateChamber Action
  1/10/2017SenateSession Sine Die

Statutes Amended In Order of Appearance
5 ILCS 375/3from Ch. 127, par. 523
5 ILCS 375/10from Ch. 127, par. 530
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

Synopsis As Introduced
Amends the General Assembly, State Employee, State Universities, Downstate Teachers, and Judges Articles of the Illinois Pension Code. Provides that beginning January 1, 2017, a person under one of those Articles who (i) has terminated service,(ii) is eligible 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 a retirement annuity, a lump sum accelerated pension benefit payment equal to 75% of the present value of the retirement annuity or may elect to receive a lump sum partial accelerated pension benefit payment in exchange for a specified reduction in his or her retirement annuity and all other benefits under the Article. Provides that a person may not elect a percentage reduction of retirement annuity that would result in a partial accelerated benefit payment of less than $50,000. Provides that if a person elects to receive a lump sum accelerated pension benefit payment in lieu of a retirement annuity, 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, benefits, or premiums under the State Employees Group Insurance Act of 1971. Contains provisions concerning return to service, rulemaking, qualified plan status, and new benefit increases. Amends the State Employees Group Insurance Act of 1971 to make related changes. Effective immediately.

Actions 
DateChamber Action
  2/19/2016SenateFiled with Secretary by Sen. Matt Murphy
  2/19/2016SenateFirst Reading
  2/19/2016SenateReferred to Assignments
  3/8/2016SenateAssigned to Executive
  3/10/2016SenateTo Subcommittee on Special Issues (EX)
  4/8/2016SenateRule 3-9(a) / Re-referred to Assignments
  1/10/2017SenateSession Sine Die

Back To Top