Illinois House Passes Bill To Extend Pension Buyout Program

SPRINGFIELD – The Illinois House passed a bill Friday to extend the state’s voluntary pension buyout program for two years, sending it to the Illinois Senate. The program allows Tier 1 members in state retirement systems to take a lump sum payment in exchange for reduced or eliminated future cost of living increases. Inactive vested members can also take a reduced lump sum to leave the system. Supporters said the program has lowered pension liabilities by about $2.6 billion. The current program runs through June 30, 2026.