Extends option for Illinois pension beneficiaries to receive accelerated payments until June 30, 2028.
Illinois SB2950 extends the option for pension beneficiaries to receive accelerated pension benefit payments until June 30, 2028. Beneficiaries can choose to receive a lump sum payment in lieu of their pension benefits or for a reduction in annual retirement and survivor's annuity increases. The payment must be deposited into a tax-qualified retirement plan or account. If a beneficiary returns to active service, their future retirement annuity increases will be recalculated. The bill also authorizes additional State Pension Obligation Acceleration Bonds to fund these payments.
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