SB 3430

Amends the Downstate Police, Downstate Firefighter, Chicago Police, Chicago Firefighter, Illinois Municipal Retirement Fund (IMRF), Chicago Municipal, and Chicago Laborers 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. Amends the General Obligation Bond Act to authorize $700,000,000 to be sold to pay for the accelerated pension benefit payments. Provides that the Comptroller shall deduct the amount for the payment of principal and interest due on Local Pension Obligation Acceleration Bonds from any payment out of the Local Government Distributive Fund to the employer and shall pay the amount so deducted toward the principal and interest due on Local Pension Obligation Bonds. Amends the State Finance Act to make a conforming change. Amends the State Mandates Act to require implementation without reimbursement. Effective immediately.