Illinois State Capitol

Illinois State Capitol on August 18, 2020

SPRINGFIELD, Ill. (WAND) - A bill adding two years to the state employee pension buyout program is going to the desk of Gov. JB Pritzker. 

Pritzker announced Thursday House Bill 4292 has moved through the General Assembly. He released the following statement: 

“I want to applaud Representative Bob Morgan and Senator Rob Martwick for leading the effort to add an additional two years to our state employee pension buyout program, which would be extended to June 30, 2026, under this legislation,” Pritzker. “Since the expansion we implemented early in my administration, the program has already led to overall liability reductions of $1.4 billion.

“My administration has always supported every constitutional action to address our pension structures while honoring promises made to retirees. This session alone, we are set to invest $500 million beyond the state’s required pension payment, reducing unfunded liabilities by $1.8 billion for taxpayers. I’m pleased to see the General Assembly send this legislation to my desk and look forward to our continued partnership in responsibly managing the state’s pension obligation.”

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