Scherer-Backed Bill to Lower Pension Liabilities Signed Into Law

SPRINGFIELD, Ill. – State Rep. Sue Scherer, D-Decatur, co-sponsored a bill to lower the state’s pension liabilities by expanding the pension buyout option for state employees. The bill was signed by Gov. J.B. Pritzker last week.

“This common sense legislation will reduce long-term pension liabilities and help our state continue on the path of fiscal responsibility,” said Scherer. “At the same time, the bill also provides state employees with the flexibility to access and spend their pensions as they see fit.”

House Bill 4292 authorizes an additional $1 billion of State Pension Obligation Acceleration Bonds to extend the pension buyout option for participants in the State Employees’ Retirement System (SERS), State Universities Retirement System (SURS), and Teachers’ Retirement System (TRS) until 2026. This allows state employees and downstate teachers to receive accelerated pension benefits at reduced long-term costs to the state and reduces the state’s unfunded liability.

“This bill is a testament to the importance of bipartisanship. When we cross the aisle and work together, the entire state benefits,” said Scherer. “I thank my colleagues on both sides for their support in getting this bill passed, and I am grateful to Gov. Pritzker for his signature.”

Scherer represents areas of Sangamon, Macon and Christian counties. For more information, please contact her full time constituent service office at 217-877-9636 or staterepsue@gmail.com