PEN CD-ACCEL BENEFIT PAYMENT House SponsorsRep. Robert Martwick-Michael J. Zalewski 1/13/2021HouseSession Sine Die 40 ILCS 5/14-147.540 ILCS 5/14-147.640 ILCS 5/14-147.7 new40 ILCS 5/14-152.140 ILCS 5/15-185.540 ILCS 5/15-185.640 ILCS 5/15-185.7 new40 ILCS 5/15-19840 ILCS 5/16-190.540 ILCS 5/16-190.640 ILCS 5/16-190.7 new40 ILCS 5/16-203 Amends the State Employee, State Universities, and Downstate Teacher Articles of the Illinois Pension Code. Provides that the System shall offer an accelerated pension benefit payment option for eligible Tier 1 members. Provides that the accelerated pension benefit payment is a lump sum payment equal to 50% of the difference of the net present value of the Tier 1 member's retirement annuity, including the value of the annual increases to that retirement annuity, and the amount of the old-age payments under Social Security, including the value of the annual increases, that he or she would have been entitled to, as determined by the Board, if he or she had been eligible for Social Security coverage with respect to his or her position. Provides that a person who elects the accelerated pension benefit payment option shall have his or her retirement annuity reduced to the amount of the old age payments under Social Security that he or she would have been entitled to, as determined by the Board, had he or she been participating in Social Security and any increase in retirement annuity shall be the annual unadjusted percentage increase (but not less than zero) in the consumer price index-w for the 12 months ending with the September preceding each November 1 of the originally granted retirement annuity. Contains provisions concerning return to active service; rulemaking; qualified plan status; and new benefit increases. Makes conforming changes. Effective immediately. 2/13/2019HouseFiled with the Clerk by Rep. Robert Martwick 2/13/2019HouseFirst Reading 2/13/2019HouseReferred to Rules Committee 2/26/2019HouseAssigned to Personnel & Pensions Committee 3/28/2019HouseAdded Chief Co-Sponsor Rep. Michael J. Zalewski 3/28/2019HouseDo Pass / Short Debate Personnel & Pensions Committee; 009-000-000 3/29/2019HousePlaced on Calendar 2nd Reading - Short Debate 4/10/2019HouseSecond Reading - Short Debate 4/10/2019HouseHeld on Calendar Order of Second Reading - Short Debate 4/12/2019HouseRule 19(a) / Re-referred to Rules Committee 1/13/2021HouseSession Sine Die