Bill Title: Amends the General Assembly, State Employee, State Universities, Downstate Teachers, and Judges Articles of the Illinois Pension Code. Provides that beginning January 1, 2017, a person under one of those Articles who (i) has terminated service,(ii) is eligible to receive a retirement annuity, (iii) has not received a retirement annuity under that Article, and (iv) meets certain other eligibility requirements may elect to receive, in lieu of a retirement annuity, a lump sum accelerated pension benefit payment equal to 75% of the present value of the retirement annuity or may elect to receive a lump sum partial accelerated pension benefit payment in exchange for a specified reduction in his or her retirement annuity and all other benefits under the Article. Provides that a person may not elect a percentage reduction of retirement annuity that would result in a partial accelerated benefit payment of less than $50,000. Provides that if a person elects to receive a lump sum accelerated pension benefit payment in lieu of a retirement annuity, 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, benefits, or premiums under the State Employees Group Insurance Act of 1971. Contains provisions concerning return to service, rulemaking, qualified plan status, and new benefit increases. Amends the State Employees Group Insurance Act of 1971 to make related changes. Effective immediately.

Spectrum: Moderate Partisan Bill (Republican 17-4)

Status: (Introduced - Dead) 2016-08-15 - Added Co-Sponsor Rep. David S. Olsen [HB4427 Detail]

Text: Latest bill text (Introduced) [HTML]

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Sponsors

Name	Type	Sponsorship	District	Financial	Encyclopedia	Biography
Representative Mark Batinick [R]	Primary	Sponsored Bills	HD-097	FollowTheMoney	Ballotpedia	VoteSmart
Senator Robert Martwick [D]	Cosponsor	Sponsored Bills	SD-010	FollowTheMoney	Ballotpedia	VoteSmart
Representative David Harris [R]	Cosponsor	Sponsored Bills	HD-053	FollowTheMoney	Ballotpedia	VoteSmart
Representative Jack Franks [D]	Cosponsor	Sponsored Bills	HD-063	FollowTheMoney	Ballotpedia	VoteSmart
Representative Grant Wehrli [R]	Cosponsor	Sponsored Bills	HD-041	FollowTheMoney	Ballotpedia	VoteSmart
Representative Keith Wheeler [R]	Cosponsor	Sponsored Bills	HD-050	FollowTheMoney	Ballotpedia	VoteSmart
Representative Margo McDermed [R]	Cosponsor	Sponsored Bills	HD-037	FollowTheMoney	Ballotpedia	VoteSmart
Representative Steven Andersson [R]	Cosponsor	Sponsored Bills	HD-065	FollowTheMoney	Ballotpedia	VoteSmart
Representative Sheri Jesiel [R]	Cosponsor	Sponsored Bills	HD-061	FollowTheMoney	Ballotpedia	VoteSmart
Representative Thomas Morrison [R]	Cosponsor	Sponsored Bills	HD-054	FollowTheMoney	Ballotpedia	VoteSmart
Representative Carol Sente [D]	Cosponsor	Sponsored Bills	HD-059	FollowTheMoney	Ballotpedia	VoteSmart
Representative Barbara Wheeler [R]	Cosponsor	Sponsored Bills	HD-064	FollowTheMoney	Ballotpedia	VoteSmart
Representative Reginald Phillips [R]	Cosponsor	Sponsored Bills	HD-110	FollowTheMoney	Ballotpedia	VoteSmart
Representative Keith Sommer [R]	Cosponsor	Sponsored Bills	HD-088	FollowTheMoney	Ballotpedia	VoteSmart
Senator Thomas Bennett [R]	Cosponsor	Sponsored Bills	SD-053	FollowTheMoney	Ballotpedia	VoteSmart
Representative Peter Breen [R]	Cosponsor	Sponsored Bills	HD-048	FollowTheMoney	Ballotpedia	VoteSmart
Representative Michael Tryon [R]	Cosponsor	Sponsored Bills	HD-066	FollowTheMoney	Ballotpedia	VoteSmart
Representative David McSweeney [R]	Cosponsor	Sponsored Bills	HD-052	FollowTheMoney	Ballotpedia	VoteSmart
Representative Linda LaVia [D]	Cosponsor	Sponsored Bills	HD-083	FollowTheMoney	Ballotpedia	VoteSmart
Representative Tom Demmer [R]	Cosponsor	Sponsored Bills	HD-090	FollowTheMoney	Ballotpedia	VoteSmart
Representative David Olsen [R]	Cosponsor	Sponsored Bills	HD-081	FollowTheMoney	Ballotpedia	VoteSmart

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