The governor’s office has what it believes is good news about state pensions, and it’s not often anyone in Illinois can say that.
A bill Gov. JB Pritzker signed into law Thursday expands a buyout option, and State Rep. Bob Morgan (at mic) (D-Deerfield) explains how it works.
“It’s going to give retirees a choice – a real choice. They could receive a cash buyout (and receive) a lower cost-of-living increase year after year. I knew that some people would rather have that cash up front to help pay for their medical costs, to help pay for their mortgage,” Morgan said at a bill-signing ceremony, “in exchange for giving up a three percent compounded COLA.”
Added State Sen. Doris Turner (D-Springfield), “A pension is a promise. It’s a promise that we’ve made to every state employee.”
A news release from the governor’s office says about 4,500 eligible employees have already taken the deal.