PENSION BUYOUT PROGRAM EXTENDED

Illinois lawmakers are one step closer to extending the popular pension buyout program. The state House unanimously approved a plan to allow retirees another two years to take lump-sum payments in exchange for giving up future 3% compounded cost-of-living adjustments. Backers of the bill point out that these buyouts have shaved approximately $2.6 billion off the state’s pension liabilities. The measure, HB 5196, now heads to the Senate for further consideration. The program remains voluntary for retirees in all four of Illinois’ statewide retirement systems, providing flexibility for those considering their financial futures.