PLAINFIELD – On Thursday, legislation to extend the successful “Batinick Buyout” program for state pensions was signed into law by Governor Pritzker. House Bill 4292 passed the House and Senate with bipartisan support and Rep. Mark Batinick (R-Plainfield) was a chief co-sponsor.
“I said back in 2018 when the Batinick Buyout first passed through the General Assembly that we had to make changes to our pension system if we were going to solve our long-term fiscal problems in Illinois,” said Rep. Batinick. “I am delighted to see this program extended after successful implementation that has saved the state over $1 billion on our unfunded pension liability. I look forward to seeing how much more we can save to finally overcome and move past our state’s longtime pension crisis.”
HB 4292 amends the General Obligation Bond Act and authorizes an additional $1 billion to State Pension Obligation Acceleration Bonds. These bonds make accelerated pension benefit payments and participants can receive these payments instead of pension benefits or for reductions in the increases to their annual retirement annuity and survivors’ annuity. This extension is now 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. Rep. Batinick is also the House Republican Spokesperson for the Personnel & Pensions Committee.