Bill Title: Amends the Chicago Firefighter Article of the Illinois Pension Code. Provides that if the City of Chicago issues bonds to be used for the purposes of the Article, the Board shall implement an accelerated pension benefit payment option that allows eligible firemen to elect to reduce their retirement annuity by 25% in exchange for an accelerated pension benefit payment equal to 75% of the present value of the reduction in the retirement annuity, as calculated by the Fund. Provides that the retirement annuity of a fireman who elects to receive an accelerated pension benefit payment shall be reduced by 25%. Provides that the accelerated pension benefit payments may only be made using the proceeds of bonds issued by the city and the total amount of the accelerated pension benefit payments shall not exceed $500,000,000. Requires the accelerated pension benefit payment to be transferred into a tax-qualified retirement plan or account. Contains provisions concerning return to service, rulemaking, and qualified plan status. Amends the State Mandates Act to require implementation without reimbursement by the State. Effective immediately.

Spectrum: Partisan Bill (Democrat 1-0)

Status: (Introduced - Dead) 2019-03-29 - Rule 19(a) / Re-referred to Rules Committee [HB2978 Detail]

Text: Latest bill text (Introduced) [HTML]

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