PEN CD-ACCEL BENEFIT PAYMENT Senate SponsorsSen. Dan McConchie 1/9/2019SenateSession Sine Die 5 ILCS 375/3from Ch. 127, par. 5235 ILCS 375/10from Ch. 127, par. 53020 ILCS 3501/801-4030 ILCS 105/5.878 new30 ILCS 330/2from Ch. 127, par. 65230 ILCS 330/2.530 ILCS 330/7.6 new30 ILCS 330/9from Ch. 127, par. 65930 ILCS 330/11from Ch. 127, par. 66130 ILCS 330/12from Ch. 127, par. 66230 ILCS 330/13from Ch. 127, par. 66340 ILCS 5/2-154.5 new40 ILCS 5/2-154.6 new40 ILCS 5/2-16240 ILCS 5/14-147.5 new40 ILCS 5/14-147.6 new40 ILCS 5/14-152.140 ILCS 5/15-185.5 new40 ILCS 5/15-185.6 new40 ILCS 5/15-19840 ILCS 5/16-190.5 new40 ILCS 5/16-190.6 new40 ILCS 5/16-20340 ILCS 5/18-161.5 new40 ILCS 5/18-161.6 new40 ILCS 5/18-16940 ILCS 15/1.9 newAmends 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. 2/9/2017SenateFiled with Secretary by Sen. Dan McConchie 2/9/2017SenateFirst Reading 2/9/2017SenateReferred to Assignments 1/9/2019SenateSession Sine Die