Pritzker praises pension buyout program, backs public safety pension consolidation

Gov. J.B. Pritzker lauded an extension of the state's pension buyout program and signaled his support for efforts to consolidate hundreds of municipal pension funds.

Illinois spends nearly a quarter of every dollar it brings in from taxpayers on state employee pensions. Lawmakers this session extended a pension buyout plan, but also raised the threshold for pension spiking.

Illinois’ $136 billion unfunded state pension liability is projected to increase in the years ahead, even if the state makes its statutorily required payments.

During a fireside chat this week, Gov. J.B. Pritzker said the buyout plan former Gov. Bruce Rauner implemented was good, but too short. The state extended the buyout program from three years to six years.

Read more: https://www.thecentersquare.com/illinois/pritzker-praises-pension-buyout-program-backs-public-safety-pension-consolidation/article_b8b1b3a2-937f-11e9-b894-0fb7f3e9b8be.html