SPRINGFIELD – A state representative says his measure to allow state retirees to have their pensions bought out adds an extra benefit they don’t currently have — passing a piece of their retirement income on to their children.
Republican Representative Mark Batinick presented his pension buyout proposal to a House committee Monday where he said giving options to accept a lump sum payout for pensions will help alleviate the state’s unfunded liability, which is estimated at $113 billion and growing. Batinick also says it gives pensioners a different benefit they currently don’t have.
Democratic Representative Robert Martwick says he does have some concerns and wants to ensure people can’t take all of their benefits out of the system and rapidly lose their retirement money through bad choices. But Martwick says he does support the overall concept.
From Illinois News Network
