Illinois Senate Bill 3073 (Prior Session Legislation)

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Completed Legislative Action
Spectrum: Partisan Bill (Republican 1-0)
Status: Failed on January 9 2019 - 100% progression
Action: 2019-01-09 - Session Sine Die
Text: Latest bill text (Introduced) [HTML]

Amends the State Employee, State Universities, and Downstate Teachers Articles of the Illinois Pension Code. Requires those Systems to offer certain inactive members the opportunity to elect to receive an accelerated pension benefit payment equal to 70% of the net present value of their pension benefits in lieu of receiving any pension benefit. Provides that 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. Provides that a person who receives an accelerated pension benefit payment must direct the System to pay all of that payment as a rollover into another qualified retirement plan or account. Contains provisions concerning return to active service; rulemaking; and qualified plan status. Amends the State Employees Group Insurance Act of 1971 to make related changes. 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

Sen. Paul Schimpf [R]

Date	Chamber	Action
2019-01-09	Senate	Session Sine Die
2018-05-03	Senate	Rule 3-9(a) / Re-referred to Assignments
2018-05-03	Senate	Senate Committee Amendment No. 1 Rule 3-9(a) / Re-referred to Assignments
2018-04-27	Senate	Rule 2-10 Committee/3rd Reading Deadline Established As May 3, 2018
2018-04-19	Senate	To Subcommittee on Special Issues (LA)
2018-04-18	Senate	Senate Committee Amendment No. 1 To Subcommittee on Special Issues (LA)
2018-04-13	Senate	Rule 2-10 Committee Deadline Established As April 27, 2018
2018-03-14	Senate	Senate Committee Amendment No. 1 Assignments Refers to Licensed Activities and Pensions
2018-03-09	Senate	Senate Committee Amendment No. 1 Referred to Assignments
2018-03-09	Senate	Senate Committee Amendment No. 1 Filed with Secretary by Sen. Paul Schimpf
2018-02-21	Senate	Assigned to Licensed Activities and Pensions
2018-02-15	Senate	Referred to Assignments
2018-02-15	Senate	First Reading
2018-02-15	Senate	Filed with Secretary by Sen. Paul Schimpf

Chapter	Article	Section	Citation Type	Statute Text
20	3501	801-40	Amended Code	Citation Text
30	105	5.886	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	7.7	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
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=3073&GAID=14&DocTypeID=SB&SessionID=91&GA=100
Text	https://www.ilga.gov/legislation/100/SB/10000SB3073.htm
Amendment	https://www.ilga.gov/legislation/100/SB/10000SB3073sam001.htm