Batinick Buyout Extension Passes Out of House Pensions Committee

PLAINFIELD – On Thursday, legislation to authorize additional funding and extend the successful “Batinick Buyout” program for state pensions passed out of the House Personnel & Pensions Committee. House Bill 4292, of which Rep. Mark Batinick (R-Plainfield) is a chief co-sponsor, was passed by the committee with unanimous support.

“I’m happy an idea I had years ago to save the state significant money has been successful and will continue under this legislation,” said Rep. Batinick. “I look forward to seeing this legislation move through the General Assembly and re-execute this successful buyout option.”

HB 4292 would amend the General Obligation Bond Act and authorize an additional $1 billion to State Pension Obligation Acceleration Bonds. These bonds make accelerated pension benefit payments and would be increased from $1 billion to $2 billion in this legislation. Participants can receive this accelerated pension benefit payment instead of any pension benefit or for a reduction in the increases to their annual retirement annuity and survivor’s annuity. This extension would move from June 30th, 2024 to June 30th, 2026.

Rep. Batinick originally introduced this pension reform language in 2018, which closely resembled a plan he introduced in 2016 and 2017. At the time, he was the first person in the United States to propose such a concept in bill form. It offers retirees more flexibility with their pensions and helps the state save taxpayer money.

Rep. Batinick is the House Republican Spokesperson for the Personnel & Pensions Committee.