Illinois legislation · 104th General Assembly
Illinois HB5196: PEN CD-ACCELERATED BENEFIT
Status: Signed into law, June 16, 2026
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.
What the bill says
A bill for 104th general assembly state of illinois 2025 and 2026hb5196introduced 2/10/2026, by rep. bob morgansynopsis as introduced: ilcs 330/2from ch. 127, par. 65230 ilcs 330/2.530 ilcs 330/7.740 ilcs 5/14-147.540 ilcs 5/14-147.640 ilcs 5/15-185.540 ilcs 5/15-185.640 ilcs 5/16-190.540 ilcs 5/16-190.6 30 ilcs 330/2 from ch. 127, par. 652 30 ilcs 330/2.5 30 ilcs 330/7.7 40 ilcs 5/14-147.5 40 ilcs 5/14-147.6 40 ilcs 5/15-185.5 40 ilcs 5/15-185.6 40 ilcs 5/16-190.5 40 ilcs 5/16-190.6 ilcs 330/2 from ch. 127, par…
From the introduced text, February 5, 2026:
A BILL FOR 104TH GENERAL ASSEMBLY State of Illinois 2025 and 2026HB5196Introduced 2/10/2026, by Rep. Bob MorganSYNOPSIS AS INTRODUCED: ILCS 330/2from Ch. 127, par. 65230 ILCS 330/2.530 ILCS 330/7.740 ILCS 5/14-147.540 ILCS 5/14-147.640 ILCS 5/15-185.540 ILCS 5/15-185.640 ILCS 5/16-190.540 ILCS 5/16-190.6 30 ILCS 330/2 from Ch. 127, par. 652 30 ILCS 330/2.5 30 ILCS 330/7.7 40 ILCS 5/14-147.5 40 ILCS 5/14-147.6 40 ILCS 5/15-185.5 40 ILCS 5/15-185.6 40 ILCS 5/16-190.5 40 ILCS 5/16-190.6 ILCS 330/2 from Ch. 127, par. ILCS 330/2.5 ILCS 330/7.7 ILCS 5/14-147.5 ILCS 5/14-147.6 ILCS 5/15-185.5 ILCS 5/15-185.6 ILCS 5/16-190.5 ILCS 5/16-190.6 Amends the General Obligation Bond Act. Authorizes an additional$1,000,000,000 of State Pension Obligation Acceleration Bonds. Makes aconforming change. Amends the State Employees, State Universities, andDownstate Teachers Articles of the Illinois Pension Code. Extends theoption for a participant to receive an accelerated pension benefit paymentin lieu of any pension benefit or for a reduction in the increases to hisor her annual retirement annuity and survivor's annuity to June 30, 2030(instead of June 30, 2026). Effective immediately. LRB104 20278 RPS 33729 b LRB104 20278 RPS 33729 b LRB104 20278 RPS 33729 b A BILL FOR HB5196LRB104 20278 RPS 33729 b HB5196 LRB104 20278 RPS 33729 b HB5196 LRB104 20278 RPS 33729 b AN ACT concerning public employee benefits. Be it enacted by the People of the State …