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.
House Committee Amendment No. 1: Replaces everything after the enacting clause. Reinserts the provisions of the introduced bill with the following changes. Amends the General Obligation Bond Act. Authorizes an additional $700,000,000 (rather than $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, 2028 (instead of June 30, 2030). Effective immediately.
House Floor Amendment No. 2: In provisions amending the General Obligation Bond Act, authorizes an additional $1,000,000,000 (rather than $700,000,000) of State Pension Obligation Bonds. In language providing an exception to a limitation on bond issuance, excludes bonds authorized by certain changes made to the Act by Public Act 104-8 and bonds authorized by the amendatory Act. Makes a grammatical change.

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