Governor Pritzker Lowers Pension Liabilities Through Extended Buyout Opportunities, Additional Payments
SPRINGFIELD — Governor JB Pritzker today signed House Bill 4292 into law, extending the pension buyout option for state employees to 2026. The bill authorizes $1 billion in additional general obligation bond funding to extend the buyout program. This action was another important step in the Governor’s mission to ensure fiscal responsibility and reduce overall liability costs placed on taxpayers and follows the inclusion of an additional $500 million contribution to the retirement systems above certified amounts across FY2022 and FY2023. “Responsible fiscal management means taking every action possible to address our pension obligations while honoring promises made to current and retired workers – promises made by governors and legislators on both sides of the aisle,” said Governor JB Pritzker. “The expansion of this bipartisan pension buyout program builds on Democrats’ work this session to save taxpayers nearly $2 billion in pension liabilities