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Amends the Downstate Police, Downstate Firefighter, Chicago Police, Chicago Firefighter, Chicago Municipal, Cook County, Cook County Forest Preserve, Chicago Laborers, and Chicago Park District 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 Counties Code and the Illinois Municipal Code. Requires municipalities and counties with more than 3,000,000 inhabitants to establish an accelerated pension benefit program to implement the accelerated pension benefit payments. Provides that the county or municipality shall remit to the pension funds a contribution, which may be a contribution of zero dollars, that shall constitute the total funding for accelerated pension benefit payments for that fiscal year. Amends the State Mandates Act to require implementation without reimbursement. Effective immediately.
Introduced
Feb 4, 2026
Last Action
Mar 11, 2026
Session
IL 104th
Sponsors
1 primary · 2 co
Placed on Calendar Order of 2nd Reading March 12, 2026
Do Pass Pensions; 007-000-000
Added as Co-Sponsor Sen. Li Arellano, Jr.
Added as Co-Sponsor Sen. Chris Balkema
Assigned to Pensions
Filed with Secretary by Sen. Robert F. Martwick
Referred to Assignments
First Reading
Get a plain-English explanation of what this bill does, who it affects, and why it matters.
Placed on Calendar Order of 2nd Reading March 12, 2026
Robert F. Martwick
Li Arellano, Jr.