SB3430
View on ILGAPEN CD-ACCEL BENEFIT PAYMENT
What this bill does
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.
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Current stage: In Committee · Last action 248 days ago · STAGNANT
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
Campaign finance
This is SBE campaign receipts to the people on this bill, not Moneyball and not earmarked to the bill.
Money is campaign receipts to matched candidate committees, not earmarked to this bill. Window 2025-01-01 – 2026-09-13.
Sponsor and voter funding
| Member | Role | Receipts | Total received | Top donors |
|---|---|---|---|---|
| Chris Balkema | Chief sponsor | 94 | $95,060.00 | Kevin Hoffman ($12,500.00); Richard Uihlein ($7,300.00); D Construction ($5,000.00) |
Top donors across these members
| Donor | Occupation | Employer | Receipts | Total |
|---|---|---|---|---|
| Kevin Hoffman | President | G&D Trucking | 2 | $12,500.00 |
| Richard Uihlein | CEO | Uline | 1 | $7,300.00 |
| D Construction | — | — | 2 | $5,000.00 |
| Marquis Energy - Illinois LLC | — | — | 1 | $5,000.00 |
| Realtor Politcal Action Committee | — | — | 3 | $4,500.00 |
| Ameren Illinois Company | — | — | 2 | $4,000.00 |
| IHA Political Action Committee | — | — | 3 | $3,000.00 |
| Caterpillar Inc. Political Action Committee (CATPAC) | — | — | 2 | $3,000.00 |
| Lyondell Chemical Company PAC | — | — | 2 | $3,000.00 |
| Constellation Energy Generation | — | — | 1 | $3,000.00 |
| Steven Kelly | General Manager | One Earth Energy | 1 | $2,500.00 |
| Downstate Operators Joint Labor Management PAC | — | — | 1 | $2,500.00 |
| Manufacturers Political Action Committee | — | — | 2 | $2,000.00 |
| Illinois State Medical Society Political Action Committee | — | — | 2 | $2,000.00 |
| Community BancPac | — | — | 2 | $2,000.00 |
| Grand Trunk Western Railroad Company | — | — | 2 | $2,000.00 |
| CHEMPAC | — | — | 1 | $1,500.00 |
| Canadian National Railway | — | — | 1 | $1,000.00 |
| Friends of Tom Bennett | — | — | 1 | $1,000.00 |
| Chicago Land Operators Joint Labor-Management PAC | — | — | 1 | $1,000.00 |
| Elizabeth Bishop | Homemaker | Home | 1 | $1,000.00 |
| UPSPAC | — | — | 1 | $1,000.00 |
| Grain & Feed Legislative | — | — | 2 | $1,000.00 |
| NUCOR CORP PAC OF ILLINOIS | — | — | 1 | $1,000.00 |
| United Assn of Journeymen & IL-Pipe Trades Assn | — | — | 1 | $1,000.00 |
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. Chris Balkema 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 | — |