Illinois - HB315

PEN CD-ACCEL BENEFIT PAYMENT

Introduced

January 10, 2017

Description

Amends the General Assembly, State Employee, State Universities, Downstate Teachers, and Judges Articles of the Illinois Pension Code. No later than January 1, 2018, requires each System to calculate the net present value of the pension benefits for each eligible person and to offer that eligible person the opportunity to elect to receive an accelerated pension benefit payment equal to 70% of the net present value of his or her pension benefits in lieu of receiving any pension benefit. Provides that the election must be made before July 1, 2018 and if a person elects to receive an accelerated pension benefit payment, 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 ...

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