By Bugle Newspapers
State Rep. Mark Batinick, R-Plainfield, and a group of suburban legislators unveiled a new initiative to address the state’s pension liability, calling for a series of hearings on offering a lump sum buyout option to current and future annuitants nearing retirement; potentially netting the state billions in long-term savings.
The proposal, House Resolution 752, wants the Speaker of the House and the Chairperson of the House Personnel and Pensions Committee to hold a series of hearings on how the state could potentially approach a lump sum exchange option.
Interested parties and stakeholders would be invited to participate in the hearings in hopes of better understanding the outcomes of an exchange proposal as well as any potential barriers that would prevent an exchange option from becoming a common practice within the five state-funded retirement systems.
“Many of those nearing retirement may be attracted to having more control over their retirement assets,” Batinick said.
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