HB5196

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 include those who have terminated service, accrued sufficient service credit, and have not received any retirement annuity. The accelerated pension benefit payment is a lump sum equal to 70% of the present value of automatic annual increases to a Tier 1 member's retirement annuity and survivor's annuity. The payment must be deposited into a tax-qualified retirement plan or account.