Bill Status of HB 315   100th General Assembly

Short Description:  PEN CD-ACCEL BENEFIT PAYMENT

House Sponsors
Rep. Mark Batinick, Grant Wehrli, Thomas Morrison and Tony McCombie

Last Action  View All Actions

DateChamber Action
  1/8/2019HouseSession Sine Die

Statutes Amended In Order of Appearance
5 ILCS 375/3from Ch. 127, par. 523
5 ILCS 375/10from Ch. 127, par. 530
20 ILCS 3501/801-40
30 ILCS 105/5.878 new
30 ILCS 330/2from Ch. 127, par. 652
30 ILCS 330/2.5
30 ILCS 330/7.6 new
30 ILCS 330/9from Ch. 127, par. 659
30 ILCS 330/11from Ch. 127, par. 661
30 ILCS 330/12from Ch. 127, par. 662
30 ILCS 330/13from Ch. 127, par. 663
40 ILCS 5/2-154.5 new
40 ILCS 5/2-162
40 ILCS 5/14-147.5 new
40 ILCS 5/14-152.1
40 ILCS 5/15-185.5 new
40 ILCS 5/15-198
40 ILCS 5/16-190.5 new
40 ILCS 5/16-203
40 ILCS 5/18-161.5 new
40 ILCS 5/18-169
40 ILCS 15/1.9 new

Synopsis As Introduced
Amends the General Assembly, State Employee, State Universities, Downstate Teachers, and Judges Articles of the Illinois Pension Code. No later than January 1, 2018, requires each System to calculate the net present value of the pension benefits for each eligible person and to offer that eligible person the opportunity to elect to receive an accelerated pension benefit payment equal to 70% of the net present value of his or her pension benefits in lieu of receiving any pension benefit. Provides that the election must be made before July 1, 2018 and 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 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.

Actions 
DateChamber Action
  1/10/2017HousePrefiled with Clerk by Rep. Mark Batinick
  1/11/2017HouseFirst Reading
  1/11/2017HouseReferred to Rules Committee
  1/25/2017HouseAssigned to Personnel & Pensions Committee
  1/26/2017HouseAdded Co-Sponsor Rep. Grant Wehrli
  2/10/2017HouseAdded Co-Sponsor Rep. Thomas Morrison
  3/31/2017HouseRule 19(a) / Re-referred to Rules Committee
  5/11/2018HouseAdded Co-Sponsor Rep. Tony McCombie
  1/8/2019HouseSession Sine Die

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