Illinois Senate Bill 1820 (Prior Session Legislation)

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Completed Legislative Action
Spectrum: Partisan Bill (Republican 1-0)
Status: Failed on January 9 2019 - 100% progression
Action: 2019-01-09 - Session Sine Die
Text: Latest bill text (Introduced) [HTML]

Amends the Illinois Pension Code with respect to the 5 State-funded retirement systems. Provides that beginning January 1, 2018, a person under one of those Articles who (i) has terminated service,(ii) has met the age and service requirement 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 any pension benefits under that Article, a lump sum accelerated pension benefit payment equal to 70% of the net present value of his or her pension benefits or may elect to receive a partial accelerated pension benefit payment in exchange for a specified reduction in pension benefits. Provides that 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 those 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. 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.

PEN CD-ACCEL BENEFIT PAYMENT

Sen. Dan McConchie [R]

Date	Chamber	Action
2019-01-09	Senate	Session Sine Die
2017-02-09	Senate	Referred to Assignments
2017-02-09	Senate	First Reading
2017-02-09	Senate	Filed with Secretary by Sen. Dan McConchie

Chapter	Article	Section	Citation Type	Statute Text
20	3501	801-40	Amended Code	Citation Text
30	105	5.878	New Code	See Bill Text
30	330	11	Amended Code	Citation Text
30	330	12	Amended Code	Citation Text
30	330	13	Amended Code	Citation Text
30	330	2	Amended Code	Citation Text
30	330	2.5	Amended Code	Citation Text
30	330	7.6	New Code	See Bill Text
30	330	9	Amended Code	Citation Text
40	15	1.9	New Code	See Bill Text
40	5	14-147.5	New Code	See Bill Text
40	5	14-147.6	New Code	See Bill Text
40	5	14-152.1	Amended Code	Citation Text
40	5	15-185.5	New Code	See Bill Text
40	5	15-185.6	New Code	See Bill Text
40	5	15-198	Amended Code	Citation Text
40	5	16-190.5	New Code	See Bill Text
40	5	16-190.6	New Code	See Bill Text
40	5	16-203	Amended Code	Citation Text
40	5	18-161.5	New Code	See Bill Text
40	5	18-161.6	New Code	See Bill Text
40	5	18-169	Amended Code	Citation Text
40	5	2-154.5	New Code	See Bill Text
40	5	2-154.6	New Code	See Bill Text
40	5	2-162	Amended Code	Citation Text
5	375	10	Amended Code	Citation Text
5	375	3	Amended Code	Citation Text

Type	Source
Summary	https://www.ilga.gov/legislation/BillStatus.asp?DocNum=1820&GAID=14&DocTypeID=SB&SessionID=91&GA=100
Text	https://www.ilga.gov/legislation/100/SB/10000SB1820.htm