Bill Status of SB 3073   100th General Assembly

Short Description:  PEN CD-ACCEL BENEFIT PAYMENT

Senate Sponsors
Sen. Paul Schimpf

Last Action  View All Actions

DateChamber Action
  1/9/2019SenateSession 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 105/5.886 new
30 ILCS 330/2from Ch. 127, par. 652
30 ILCS 330/2.5
30 ILCS 330/7.7 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 5/14-147.5 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 15/1.9 new

Synopsis As Introduced
Amends 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.

Actions 
DateChamber Action
  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

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