SB3430

SB3430 establishes an accelerated pension benefit payment option for eligible persons in Illinois, allowing them to receive a lump-sum payment in.

SB3430 amends the Illinois Pension Code to establish an accelerated pension benefit payment option for eligible persons. Eligible persons include those who have terminated service, have accrued sufficient service credit, have not received any pension benefits, and have not made the election under specified sections. The accelerated pension benefit payment is a lump-sum payment equal to 70% of the difference of the present value of automatic annual increases to a Tier 1 member's retirement annuity and survivor's annuity.