summary
Introduced
01/27/2026
01/27/2026
In Committee
03/03/2026
03/03/2026
Crossed Over
Passed
Dead
Introduced Session
104th General Assembly
Bill Summary
Amends the General Obligation Bond Act. Authorizes an additional $700,000,000 of State Pension Obligation Acceleration Bonds. Makes a conforming change. Amends the State Employees, State Universities, and Downstate Teachers Articles of the Illinois Pension Code. Extends the option for a participant to receive an accelerated pension benefit payment in lieu of any pension benefit or for a reduction in the increases to his or her annual retirement annuity and survivor's annuity to June 30, 2028 (instead of June 30, 2026). Effective immediately.
AI Summary
This bill authorizes an additional $700,000,000 in State Pension Obligation Acceleration Bonds, which are bonds issued by the state to fund accelerated pension benefit payments. It also extends the deadline for eligible state pension participants to elect an accelerated pension benefit payment, either as a lump sum instead of their regular pension or in exchange for a reduction in the annual increases to their retirement and survivor's annuities, from June 30, 2026, to June 30, 2028. This provision applies to participants in the State Employees, State Universities, and Downstate Teachers retirement systems.
Committee Categories
Labor and Employment
Sponsors (1)
Last Action
Senate Pensions Committee Hearing (09:00:00 3/11/2026 Room 409) (on 03/11/2026)
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