PEN CD-ACCELERATED BENEFIT

From the Legislature

Reinserts the provisions of the introduced bill with the following changes. Amends the General Obligation Bond Act. Authorizes an additional $700,000,000 (rather than $1,000,000,000) of State Pension Obligation Acceleration Bonds. Makes a conforming change. Amends the State Employees, State Universities, and Downstate Teachers Articles of the Illinois Pension Code. Extends the option for a participant to receive an accelerated pension benefit payment in lieu of any pension benefit or for a reduction in the increases to his or her annual retirement annuity and survivor's annuity to June 30, 2028 (instead of June 30, 2030). Effective immediately.