Illinois SB 3388: PEN CD-ACCEL BENEFIT PAYMENT

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 Full Text of SB3388

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104TH GENERAL ASSEMBLY 
State of Illinois 
2025 and 2026
SB3388

Introduced 2/4/2026, by Sen. Li Arellano, Jr. 

SYNOPSIS AS INTRODUCED:

See Index

 Amends the Downstate Police, Downstate Firefighter, and Illinois Municipal Retirement Fund (IMRF) Articles of the Illinois Pension Code. Establishes an accelerated pension benefit payment in lieu of any pension benefit under which an eligible person may elect to receive an amount determined by the Fund to be equal to 60% of the present value of his or her pension benefits in lieu of receiving any pension benefit. Establishes an accelerated pension benefit payment for a reduction in annual retirement annuity and survivor's annuity increases, as applicable, under which a Tier 1 member may elect to receive an accelerated pension benefit payment equal to 70% of the difference of the present value of the automatic annual increases to a Tier 1 member's retirement annuity and survivor's annuity using the formula applicable to the Tier 1 member and the present value of the automatic annual increases to the Tier 1 member's retirement annuity using a specified formula and survivor's annuity using a specified formula. Provides that, upon receipt of a member's irrevocable election to receive an accelerated pension benefit payment, the Fund shall transfer the amount of the accelerated pension benefit payment into the member's eligible retirement plan or qualified account. Amends the State Mandates Act to require implementation without reimbursement. Effective immediately.

LRB104 18983 RPS 32428 b

STATE MANDATES ACT MAY REQUIRE REIMBURSEMENT
MAY APPLY

A BILL FOR

SB3388LRB104 18983 RPS 32428 b

1 AN ACT concerning public employee benefits.

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