Chicago, IL… State Representative Margo McDermed took part in a press conference led by fellow Representative Mark Batinick (R-Plainfield) today. His proposal, House Resolution 752, urges Speaker Madigan and the Chairperson of the House Personnel and Pensions Committee to hold a series of hearings on how the state could potentially approach a lump sum exchange option with state retirees. This buyout option would be available to current and future annuitants and could potentially net the state billions in long term savings. Retirees would benefit by having more control over their retirement assets.
The resolution calls for hearings to better understand the potential outcomes of such a pension exchange proposal and potential barriers to its implementation, as well as its constitutionality.
Rep. McDermed praised the merit of the idea as potentially a win-win situation for retirees and the state. She also said that the proposal deserves real consideration in the House.