Bill Status of HB4427  9th General Assembly

Short Description:  PEN CD-ACCEL BENEFIT PAYMENT

House Sponsors
Rep. Mark Batinick - Robert Martwick - David Harris - Jack D. Franks - Grant Wehrli, Keith R. Wheeler, Margo McDermed, Steven A. Andersson, Sheri Jesiel, Thomas Morrison, Carol Sente, Barbara Wheeler, Reginald Phillips, Keith P. Sommer, Thomas M. Bennett, Peter Breen, Michael W. Tryon, David McSweeney, Linda Chapa LaVia, Tom Demmer and David S. Olsen

Last Action
DateChamber Action
  1/10/2017HouseSession 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
  1/11/2016HouseFiled with the Clerk by Rep. Mark Batinick
  1/11/2016HouseChief Co-Sponsor Rep. Robert Martwick
  1/11/2016HouseChief Co-Sponsor Rep. David Harris
  1/11/2016HouseChief Co-Sponsor Rep. Jack D. Franks
  1/11/2016HouseCo-Sponsor Rep. Grant Wehrli
  1/11/2016HouseCo-Sponsor Rep. Keith R. Wheeler
  1/11/2016HouseCo-Sponsor Rep. Margo McDermed
  1/11/2016HouseCo-Sponsor Rep. Steven A. Andersson
  1/12/2016HouseRemoved Co-Sponsor Rep. Grant Wehrli
  1/12/2016HouseAdded Chief Co-Sponsor Rep. Grant Wehrli
  1/12/2016HouseAdded Co-Sponsor Rep. Sheri Jesiel
  1/12/2016HouseAdded Co-Sponsor Rep. Thomas Morrison
  1/12/2016HouseAdded Co-Sponsor Rep. Carol Sente
  1/15/2016HouseAdded Co-Sponsor Rep. Barbara Wheeler
  1/15/2016HouseFirst Reading
  1/15/2016HouseReferred to Rules Committee
  1/19/2016HouseAdded Co-Sponsor Rep. Reginald Phillips
  1/27/2016HouseAdded Co-Sponsor Rep. Keith P. Sommer
  1/27/2016HouseAdded Co-Sponsor Rep. Thomas M. Bennett
  1/27/2016HouseAdded Co-Sponsor Rep. Peter Breen
  2/16/2016HouseAssigned to Personnel and Pensions Committee
  3/29/2016HouseAdded Co-Sponsor Rep. Michael W. Tryon
  4/5/2016HouseAdded Co-Sponsor Rep. David McSweeney
  4/8/2016HouseRule 19(a) / Re-referred to Rules Committee
  4/15/2016HouseAdded Co-Sponsor Rep. Linda Chapa LaVia
  4/15/2016HouseAdded Co-Sponsor Rep. Tom Demmer
  8/15/2016HouseAdded Co-Sponsor Rep. David S. Olsen
  1/10/2017HouseSession Sine Die