IL HB0315 | 2017-2018 | 100th General Assembly

Status

Spectrum: Partisan Bill (Republican 4-0)
Status: Introduced on January 11 2017 - 25% progression
Action: 2018-05-11 - Added Co-Sponsor Rep. Tony McCombie
Pending: House Rules Committee
Text: Latest bill text (Introduced) [HTML]

Summary

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.

Tracking Information

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Title

PEN CD-ACCEL BENEFIT PAYMENT

Sponsors


History

DateChamberAction
2018-05-11HouseAdded Co-Sponsor Rep. Tony McCombie
2017-03-31HouseRule 19(a) / Re-referred to Rules Committee
2017-02-10HouseAdded Co-Sponsor Rep. Thomas Morrison
2017-01-26HouseAdded Co-Sponsor Rep. Grant Wehrli
2017-01-25HouseAssigned to Personnel & Pensions Committee
2017-01-11HouseReferred to Rules Committee
2017-01-11HouseFirst Reading
2017-01-10HousePrefiled with Clerk by Rep. Mark Batinick

Code Citations

ChapterArticleSectionCitation TypeStatute Text
203501801-40Amended CodeCitation Text
301055.878New CodeSee Bill Text
3033011Amended CodeCitation Text
3033012Amended CodeCitation Text
3033013Amended CodeCitation Text
303302Amended CodeCitation Text
303302.5Amended CodeCitation Text
303307.6New CodeSee Bill Text
303309Amended CodeCitation Text
40151.9New CodeSee Bill Text
40514-147.5New CodeSee Bill Text
40514-152.1Amended CodeCitation Text
40515-185.5New CodeSee Bill Text
40515-198Amended CodeCitation Text
40516-190.5New CodeSee Bill Text
40516-203Amended CodeCitation Text
40518-161.5New CodeSee Bill Text
40518-169Amended CodeCitation Text
4052-154.5New CodeSee Bill Text
4052-162Amended CodeCitation Text
537510Amended CodeCitation Text
53753Amended CodeCitation Text

Illinois State Sources


Bill Comments

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