Pension Buyout Program Successful in Illinois

In a recent news article, Governor Pritzker discussed the success of the pension buyout program that has been available to retirees for the last year.  This is a pension reform effort that State Representative Mark Batinick (R-Plainfield) introduced 4 years ago, and was signed into law last year.  This year, the program was voted to be extended due to its success.

Under this program, retirees can be bought out of the pension system at a discounted rate.  Governor Pritzker has stated that more than 20% of the people who were offered this option have utilized it.  The discounted rate is important for taxpayers, as it has reduced the state’s pension liability.

Representative Batinick has been a proponent of pension reform in the House of Representatives. “The increased costs at local levels for pensions is dramatically increasing property taxes,” said Batinick.  “If you’re going to stop bleeding people out of the state, you need to attack from all angles.  Pensions and property taxes are the two things we need to address in our state and we need to address them in every way we can.”

You can hear more of the Governor’s remarks about the pension buyout program and Rep. Batinick’s response in this news article.