PEN CD-ACCEL BENEFIT PAYMENT Senate SponsorsSen. Paul Schimpf 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 105/5.886 new30 ILCS 330/2from Ch. 127, par. 65230 ILCS 330/2.530 ILCS 330/7.7 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 5/14-147.5 new40 ILCS 5/14-152.140 ILCS 5/15-185.5 new40 ILCS 5/15-19840 ILCS 5/16-190.5 new40 ILCS 5/16-20340 ILCS 15/1.9 newAmends the State Employee, State Universities, and Downstate Teachers Articles of the Illinois Pension Code. Requires those Systems to offer certain inactive members the opportunity to elect to receive an accelerated pension benefit payment equal to 70% of the net present value of their pension benefits in lieu of receiving any pension benefit. 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. Provides that a person who receives an accelerated pension benefit payment must direct the System to pay all of that payment as a rollover into another qualified retirement plan or account. Contains provisions concerning return to active service; rulemaking; and qualified plan status. Amends the State Employees Group Insurance Act of 1971 to make related changes. 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. 2/15/2018SenateFiled with Secretary by Sen. Paul Schimpf 2/15/2018SenateFirst Reading 2/15/2018SenateReferred to Assignments 2/21/2018SenateAssigned to Licensed Activities and Pensions 3/9/2018SenateSenate Committee Amendment No. 1 Filed with Secretary by Sen. Paul Schimpf 3/9/2018SenateSenate Committee Amendment No. 1 Referred to Assignments 3/14/2018SenateSenate Committee Amendment No. 1 Assignments Refers to Licensed Activities and Pensions 4/13/2018SenateRule 2-10 Committee Deadline Established As April 27, 2018 4/18/2018SenateSenate Committee Amendment No. 1 To Subcommittee on Special Issues (LA) 4/19/2018SenateTo Subcommittee on Special Issues (LA) 4/27/2018SenateRule 2-10 Committee/3rd Reading Deadline Established As May 3, 2018 5/3/2018SenateSenate Committee Amendment No. 1 Rule 3-9(a) / Re-referred to Assignments 5/3/2018SenateRule 3-9(a) / Re-referred to Assignments 1/9/2019SenateSession Sine Die