SB3404

“Reinserts the provisions of the introduced bill with the following changes. Provides that the county board of a county of more than 3,000,000 inhabitants and a municipality may (instead of shall) establish an accelerated pension benefit program. Makes conforming changes. Provides that participants' elections to receive the accelerated pension benefit shall be processed and paid in the order in which the complete applications are received by the fund. Sets forth provisions concerning notifying the pension fund that the county or municipality has elected to establish an accelerated pension benefit program and remitting a contribution for the program. Provides that moneys remitted to the pension fund for the purpose of the accelerated pension benefit program must be kept in a separate account. Provides that, if any moneys remain in this account at the end of the fiscal year, the fund must remit those moneys back to the employer within one month after the end of the fiscal year, unless the employer notifies the pension fund at least one month before the end of the fiscal year that the funds shall remain in the account to be used for the subsequent fiscal year. Further amends the Illinois Pension Code. Authorizes accelerated pension benefit payments under the Chicago Teacher Article of the Code. Amends the Chicago Public Schools Article of the School Code to make conforming changes. Effective immediately.”