SB2950

Extends the option for Illinois pension plan participants to receive an accelerated pension benefit payment until June 30, 2028.

The bill amends the Illinois Pension Code to extend the option for eligible participants in certain pension plans to receive an accelerated pension benefit payment until June 30, 2028. This option allows participants to receive a lump sum payment in exchange for waiving their future pension benefits. The bill also authorizes additional State Pension Obligation Acceleration Bonds to fund these payments. Eligible participants must meet specific criteria, such as having terminated service and not having received any retirement annuity.