SB3404 establishes an accelerated pension benefit payment option for eligible persons in Illinois, allowing them to receive a lump-sum payment in.
SB3404 introduces an accelerated pension benefit payment option for eligible persons in Illinois, enabling them to receive a lump-sum payment equal to 70% of the difference between the present value of their automatic annual pension increases and the pension they would receive upon retirement. This option is available from June 30, 2026, until June 30, 2028. Eligible persons must be Tier 1 members, have submitted an application for a retirement annuity, and meet certain age and service requirements.
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- Core Provisions
- Implementation
- Impact
- Legal Framework
- Critical Issues
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