HB4292 Summary

• Increases total authorized General Obligation Bonds from $78.256 billion to $79.256 billion, adding $1 billion in new bonding authority.

• Increases State Pension Obligation Acceleration Bonds from $1 billion to $2 billion for making accelerated pension benefit payments to public employees under Illinois Pension Code Articles 14, 15, and 16.

• Extends the deadline for eligible employees to elect accelerated pension benefit payments from June 30, 2024 to June 30, 2026, affecting employees who can accept lump sum payments in lieu of future pension benefits.

• Maintains existing election options allowing employees to receive either 60% of present pension value as a lump sum or accept reduced annual pension increases (1.5% instead of full increases) in exchange for accelerated payments.

• All accelerated pension benefit payments must be deposited into tax-qualified retirement accounts and are funded through the State Pension Obligation Acceleration Bond Fund.