Illinois SB 3404: PEN CD-ACCEL BENEFIT PAYMENT

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SB3404 EngrossedLRB104 18864 RPS 32309 b

1 AN ACT concerning public employee benefits.

2 Be it enacted by the People of the State of Illinois, 

3represented in the General Assembly:

4 Section 5. The Illinois Pension Code is amended by adding 

5Sections 3-144.3, 3-144.4, 4-138.15, 4-138.16, 5-218.5, 

65-218.6, 6-213.5, 6-213.6, 8-244.5, 8-244.6, 9-134.6, 9-134.7, 

710-104.6, 10-104.7, 11-223.5, 11-223.6, 12-133.8, 12-133.9, 

817-120.5, and 17-120.6 as follows:

9 (40 ILCS 5/3-144.3 new)

10 Sec. 3-144.3. Accelerated pension benefit payment in lieu 

11of any pension benefit.

12 (a) As used in this Section:

13 "Eligible person" means a person who:

14 (1) has terminated service;

15 (2) has accrued sufficient service credit to be 

16 eligible to receive a retirement pension under this 

17 Article;

18 (3) has not received any retirement pension under this 

19 Article; and

20 (4) has not made the election under Section 3-144.4.

21 "Pension benefit" means the benefits under this Article, 

22or Article 1 as it relates to those benefits, including any 

23anticipated annual increases, that an eligible person is 

SB3404 Engrossed- 2 -LRB104 18864 RPS 32309 b

1entitled to upon attainment of the applicable retirement age. 

2"Pension benefit" also includes applicable survivor's or 

3disability benefits.

4 (b) If an employer has elected to provide funding for an 

5accelerated pension benefit program, then as soon as practical 

6after June 30, 2026 or as soon as practical after the employer 

7has made that election, whichever is later, the fund shall 

8calculate, using actuarial tables and other assump