Illinois Senate Bill 3280 (Prior Session Legislation)

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Spectrum: Partisan Bill (Republican 1-0)
Status: Introduced on February 19 2016 - 25% progression, died in committee
Action: 2016-04-08 - Rule 3-9(a) / Re-referred to Assignments
Pending: Senate Assignments Committee
Text: Latest bill text (Introduced) [HTML]

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.

PEN CD-ACCEL BENEFIT PAYMENT

Sen. Matt Murphy [R]

Date	Chamber	Action
2016-04-08	Senate	Rule 3-9(a) / Re-referred to Assignments
2016-03-10	Senate	To Subcommittee on Special Issues (EX)
2016-03-08	Senate	Assigned to Executive
2016-02-19	Senate	Referred to Assignments
2016-02-19	Senate	First Reading
2016-02-19	Senate	Filed with Secretary by Sen. Matt Murphy

Chapter	Article	Section	Citation Type	Statute 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=3280&GAID=13&DocTypeID=SB&SessionID=88&GA=99
Text	https://www.ilga.gov/legislation/99/SB/09900SB3280.htm