SB3388
View on ILGAPEN CD-ACCEL BENEFIT PAYMENT
What this bill does
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.
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Current stage: In Committee · Last action 64 days ago · SLOW
How does a bill become law in Illinois?
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Introduction of Bill
A member of the Senate or the House introduces a bill, which is assigned a unique identifying number (e.g., "H.B. ___" for House bills and "S.B. ___" for Senate bills). If not enacted, it must be reintroduced in the next General Assembly with a new number.
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Committee Work — Hearings
The bill goes to the appropriate committee, which holds hearings to gather expert opinions and determine the need for the legislation.
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Committee Work — Markup, Amendments, Report
The committee may make amendments to the bill. If approved, a committee report endorsing the bill is issued.
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Floor Debate
The bill is debated and can be further amended. The debate transcripts are accessible online for public viewing.
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Passage and Consideration in Second Chamber
If the bill passes in the first chamber, it moves to the second chamber for a similar review process. If both chambers approve, it goes to the governor.
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Gubernatorial Action
The governor can sign the bill into law, veto it, or take no action (resulting in an automatic law after 60 days). The type of veto can be total or amendatory. Once signed, the bill becomes a Public Act and is assigned a Public Act number.
Sponsor Context
Hearings
This bill has not been scheduled for a committee hearing.
Action History
3 actions recorded. Last action: 2026-02-04 — Referred toAssignments. Each action's meaning and outcome signal are classified automatically.
All actions (table)
| Date | Chamber | Action | Category | Signal |
|---|---|---|---|---|
| 2026-02-04 | Senate | Filed with Secretary bySen. Li Arellano, Jr. Rule 2-7(b) | Introduction & Filing | — |
| 2026-02-04 | Senate | First Reading Senate Rule 5-1(d)/5-2; House Rule 37(d)/38 | Introduction & Filing | — |
| 2026-02-04 | Senate | Referred toAssignments Senate Rule 3-8(a); House Rule 18(a) | Committee Assignment | — |