IL SB3073

Creates accelerated pension benefit payment option for inactive members of State Employee Retirement System (SERS), State Universities Retirement System (SURS), and Teachers' Retirement System (TRS) who are eligible for retirement benefits but haven't yet received them.

Eligible inactive members may elect to receive 70% of the net present value of their pension benefits as a lump sum instead of their regular pension, with proceeds required to be rolled into another qualified retirement plan.

Authorizes $250,000,000 in State Pension Obligation Acceleration Bonds to be issued by the Illinois Finance Authority to fund accelerated pension benefit payments when appropriations are insufficient.

Provides that terminated service credit from members who elect accelerated payments can still be used for determining participation and benefits under the State Employees Group Insurance Act of 1971.

Creates continuing appropriation for payment of principal and interest on State Pension Obligation Acceleration Bonds and establishes the State Pension Obligation Acceleration Bond Fund to deposit bond proceeds.