Amends the General Obligation Bond Act. Authorizes an additional $1,000,000,000 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, 2030 (instead of June 30, 2026). Effective immediately.

Statutes affected:
Introduced: 30 ILCS 330/2, 30 ILCS 330/7, 40 ILCS 5/14, 40 ILCS 5/15, 40 ILCS 5/16