Pritzker Proposes Pension Buyout Extension, Surplus Funds to Help Illinois’ $140 Billion Liability

SPRINGFIELD – With Illinois’ unfunded public sector pension liability hovering around $140 billion, Gov. J.B. Pritzker has proposed an extension of the state’s pension buyout program. In a statement from the governor’s office, Pritzker also suggested transferring unexpected surplus revenues after the payment of income tax refunds toward pension commitments. The governor reaffirmed his statutory funded ratio goal of 100% funded by 2048.