SB3388 establishes an accelerated pension benefit payment option for eligible Illinois firefighters, police officers, and regular employees.
SB3388 amends the Illinois Pension Code to introduce an accelerated pension benefit payment option for eligible Illinois firefighters, police officers, and regular employees. Eligible individuals can elect to receive a lump-sum payment equal to 70% of the present value of their automatic annual increases in retirement and survivor's annuities. This payment must be transferred into a tax-qualified retirement plan or account and may be subject to applicable taxes.
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