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Latest proposal to ease Illinois pension crisis: lump-sum pension payouts

Feb 29, 2016
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Illinois pension Rep. Mark Batinick, R-Plainfield, explains his lump-sum pension bill during a hearing before the House Personnel and Pensions Committee on Feb. 29, 2016.SPRINGFIELD — Lawmakers are in very early talks about giving retired government workers a choice much like lottery winners: Collect the Illinois pension benefits owed to them over several years, or cash out immediately but with a smaller lump sum.The House Personnel and Pensions committee discussed the idea Monday with the overall goal of reducing Illinois’ massive unfunded pension obligations, which now exceed $111 billion.Pensions...

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