HB5196 - 104th General Assembly (2025-2026)

PEN CD-ACCELERATED BENEFIT
Last Action
4/21/2026 - Senate: Referred to Assignments
Statutes Amended In Order of Appearance
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  
Synopsis As Introduced
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.

House Committee Amendment No. 1
Replaces everything after the enacting clause. Reinserts the provisions of the introduced bill with the following changes. Amends the General Obligation Bond Act. Authorizes an additional $700,000,000 (rather than $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, 2028 (instead of June 30, 2030). Effective immediately.

House Floor Amendment No. 2
In provisions amending the General Obligation Bond Act, authorizes an additional $1,000,000,000 (rather than $700,000,000) of State Pension Obligation Bonds. In language providing an exception to a limitation on bond issuance, excludes bonds authorized by certain changes made to the Act by Public Act 104-8 and bonds authorized by the amendatory Act. Makes a grammatical change.
Pension Note, House Floor Amendment No. 2 (Government Forecasting & Accountability)
HB 5196, as amended by HA 2, would extend the Accelerated Pension Buyout programs for two additional years, through June 30, 2028, and authorize an additional $1 billion in State Pension Obligation Acceleration Bonds to pay for the buyouts, bringing the total bond authorization for these programs to $3.2 billion. According to SERS, SURS, and TRS, the programs have resulted in an estimated $2.6 billion reduction in liabilities and required approximately $2 billion in buyout payments, based on the most recently provided data from each system (ranging from June 2025 to January 2026). Given the experience of the buyout programs to date, it may be reasonable to anticipate similar participation patterns during the extended period under HA 2, which could help reduce the liability. However, estimating the precise reduction in pension liabilities is uncertain by nature, as participation is voluntary and individual member decisions play a significant role in determining overall program impact.
Actions
DateChamberAction
2/05/2026HouseFiled with the Clerk by Rep. Bob Morgan
2/10/2026HouseFirst Reading
2/10/2026HouseReferred to Rules Committee
3/04/2026HouseAssigned to Personnel & Pensions Committee
3/04/2026HouseHouse Committee Amendment No. 1 Filed with Clerk by Rep. Bob Morgan
3/04/2026HouseHouse Committee Amendment No. 1 Referred to Rules Committee
3/18/2026HouseHouse Committee Amendment No. 1 Rules Refers to Personnel & Pensions Committee
3/20/2026HouseAdded Co-Sponsor Rep. Steven Reick
3/20/2026HouseAdded Co-Sponsor Rep. Stephanie A. Kifowit
3/20/2026HouseHouse Committee Amendment No. 1 Adopted in Personnel & Pensions Committee; by Voice Vote
3/20/2026HouseDo Pass as Amended / Short Debate Personnel & Pensions Committee; 010-000-000
3/20/2026HousePlaced on Calendar 2nd Reading - Short Debate
4/02/2026HouseAdded Co-Sponsor Rep. Martha Deuter
4/08/2026HouseSecond Reading - Short Debate
4/08/2026HousePlaced on Calendar Order of 3rd Reading - Short Debate
4/10/2026HouseHouse Floor Amendment No. 2 Filed with Clerk by Rep. Bob Morgan
4/10/2026HouseHouse Floor Amendment No. 2 Referred to Rules Committee
4/14/2026HouseHouse Floor Amendment No. 2 Rules Refers to Personnel & Pensions Committee
4/16/2026HouseHouse Floor Amendment No. 2 Recommends Be Adopted Personnel & Pensions Committee; 011-000-000
4/16/2026HouseHouse Floor Amendment No. 2 Pension Note Filed as Amended
4/16/2026HouseAdded Chief Co-Sponsor Rep. Janet Yang Rohr
4/16/2026HouseRecalled to Second Reading - Short Debate
4/16/2026HouseHouse Floor Amendment No. 2 Adopted
4/16/2026HousePlaced on Calendar Order of 3rd Reading - Short Debate
4/16/2026HouseThird Reading - Short Debate - Passed 109-000-000
4/16/2026HouseAdded Co-Sponsor Rep. Nicolle Grasse
4/16/2026HouseAdded Co-Sponsor Rep. Jennifer Sanalitro
4/16/2026HouseAdded Co-Sponsor Rep. Matt Hanson
4/21/2026SenateArrive in Senate
4/21/2026SenatePlaced on Calendar Order of First Reading
4/21/2026SenateChief Senate Sponsor Sen. Andrew S. Chesney
4/21/2026SenateFirst Reading
4/21/2026SenateReferred to Assignments