Illinois HB5196 extends the option for eligible persons to receive an accelerated pension benefit payment until June 30, 2030.
Illinois HB5196 amends the Illinois Pension Code to extend the option for eligible persons to receive an accelerated pension benefit payment until June 30, 2030. Eligible persons can choose to receive a lump sum payment in lieu of their pension benefits or for a reduction in the increases to their annual retirement annuity and survivor's annuity. The accelerated pension benefit payment must be transferred into a tax-qualified retirement plan or account and may be subject to withholding or payment of applicable taxes.
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