State workers get two more years to cash out pension benefits under extension designed to cut pension liability

SPRINGFIELD — Certain state employees will have an additional two years to opt for cashing out all or part of their pensions early under an extension Gov. J.B. Pritzker approved on Thursday, saying the pilot programs reduce the state’s long-term pension obligations and will save taxpayers money “for decades to come.”

The bill that the governor signed into law allows those enrolled in the state’s three largest retirement pension programs to take a buyout until June 30, 2026, two years later than originally authorized.