Illinois SB 2950: PEN CD-ACCELERATED BENEFIT

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104TH GENERAL ASSEMBLY 
State of Illinois 
2025 and 2026
SB2950

Introduced 1/27/2026, by Sen. Robert F. Martwick 

SYNOPSIS AS INTRODUCED:

30 ILCS 330/2 from Ch. 127, par. 652

30 ILCS 330/2.5

30 ILCS 330/7.7

40 ILCS 5/14-147.5

40 ILCS 5/14-147.6

40 ILCS 5/15-185.5

40 ILCS 5/15-185.6

40 ILCS 5/16-190.5

40 ILCS 5/16-190.6

 Amends the General Obligation Bond Act. Authorizes an additional $700,000,000 of State Pension Obligation Acceleration Bonds. Makes a conforming change. Amends the State Employees, State Universities, and Downstate Teachers Articles of the Illinois Pension Code. Extends the option for a participant to receive an accelerated pension benefit payment in lieu of any pension benefit or for a reduction in the increases to his or her annual retirement annuity and survivor's annuity to June 30, 2028 (instead of June 30, 2026). Effective immediately.

LRB104 18850 RPS 32295 b

A BILL FOR

SB2950LRB104 18850 RPS 32295 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 General Obligation Bond Act is amended by 

5changing Sections 2, 2.5, and 7.7 as follows:

6 (30 ILCS 330/2) (from Ch. 127, par. 652)

7 Sec. 2. Authorization for Bonds. The State of Illinois is 

8authorized to issue, sell and provide for the retirement of 

9General Obligation Bonds of the State of Illinois for the 

10categories and specific purposes expressed in Sections 2 

11through 8 of this Act, in the total amount of $83,364,839,969 

12$82,664,839,969.

13 The bonds authorized in this Section 2 and in Section 16 of 

14this Act are herein called "Bonds".

15 Of the total amount of Bonds authorized in this Act, up to 

16$2,200,00