IL SB2950

Authorizes an additional $700,000,000 in State Pension Obligation Acceleration Bonds, increasing the total authorization from $2,200,000,000 to $2,900,000,000

Extends the deadline for pension participants to elect an accelerated pension benefit payment from June 30, 2026 to June 30, 2028

Applies to participants in the State Employees, State Universities, and Downstate Teachers pension systems under the Illinois Pension Code

Allows eligible participants to receive either a lump sum payment equal to 60% of their pension's present value in lieu of all pension benefits, or 70% of the difference in annual increases in exchange for reduced cost-of-living adjustments

Requires accelerated pension benefit payments to be transferred into a tax-qualified retirement plan or account as a rollover