Illinois House Bill 315 (Prior Session Legislation)

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Completed Legislative Action
Spectrum: Partisan Bill (Republican 4-0)
Status: Failed on January 8 2019 - 100% progression
Action: 2019-01-08 - Session Sine Die
Text: Latest bill text (Introduced) [HTML]

Amends the General Assembly, State Employee, State Universities, Downstate Teachers, and Judges Articles of the Illinois Pension Code. No later than January 1, 2018, requires each System to calculate the net present value of the pension benefits for each eligible person and to offer that eligible person the opportunity to elect to receive an accelerated pension benefit payment equal to 70% of the net present value of his or her pension benefits in lieu of receiving any pension benefit. Provides that the election must be made before July 1, 2018 and if a person elects to receive an accelerated pension benefit payment, his or her credits and creditable service under that Article shall be terminated upon receipt of the accelerated pension benefit payment; except that the terminated service credit shall be used for the purposes of determining participation and benefits under the State Employees Group Insurance Act of 1971. Makes other changes. Amends the State Employees Group Insurance Act of 1971 to make related changes. Amends the Illinois Finance Authority Act. Requires the Authority to issue bonds if the amount of the accelerated pension benefit payments exceed the amount appropriated to each System for those payments. Amends the General Obligation Bond Act. Authorizes $250,000,000 in State Pension Obligation Acceleration Bonds to be sold to pay for accelerated pension benefit payments to eligible persons. Amends the State Pension Funds Continuing Appropriation Act to create a continuing appropriation for payments on those Bonds. Amends the State Finance Act to create the State Pension Obligation Acceleration Bond Fund. Effective immediately.

PEN CD-ACCEL BENEFIT PAYMENT

Rep. Mark Batinick [R]

Rep. Grant Wehrli [R]

Rep. Thomas Morrison [R]

Rep. Tony McCombie [R]

Date	Chamber	Action
2019-01-08	House	Session Sine Die
2018-05-11	House	Added Co-Sponsor Rep. Tony McCombie
2017-03-31	House	Rule 19(a) / Re-referred to Rules Committee
2017-02-10	House	Added Co-Sponsor Rep. Thomas Morrison
2017-01-26	House	Added Co-Sponsor Rep. Grant Wehrli
2017-01-25	House	Assigned to Personnel & Pensions Committee
2017-01-11	House	Referred to Rules Committee
2017-01-11	House	First Reading
2017-01-10	House	Prefiled with Clerk by Rep. Mark Batinick

Chapter	Article	Section	Citation Type	Statute Text
20	3501	801-40	Amended Code	Citation Text
30	105	5.878	New Code	See Bill Text
30	330	11	Amended Code	Citation Text
30	330	12	Amended Code	Citation Text
30	330	13	Amended Code	Citation Text
30	330	2	Amended Code	Citation Text
30	330	2.5	Amended Code	Citation Text
30	330	7.6	New Code	See Bill Text
30	330	9	Amended Code	Citation Text
40	15	1.9	New Code	See Bill Text
40	5	14-147.5	New Code	See Bill Text
40	5	14-152.1	Amended Code	Citation Text
40	5	15-185.5	New Code	See Bill Text
40	5	15-198	Amended Code	Citation Text
40	5	16-190.5	New Code	See Bill Text
40	5	16-203	Amended Code	Citation Text
40	5	18-161.5	New Code	See Bill Text
40	5	18-169	Amended Code	Citation Text
40	5	2-154.5	New Code	See Bill Text
40	5	2-162	Amended Code	Citation Text
5	375	10	Amended Code	Citation Text
5	375	3	Amended Code	Citation Text

Type	Source
Summary	https://www.ilga.gov/legislation/BillStatus.asp?DocNum=315&GAID=14&DocTypeID=HB&SessionID=91&GA=100
Text	https://www.ilga.gov/legislation/100/HB/10000HB0315.htm