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Illinois lawmakers consider pension buyout proposals

Capitol building in Springfield, Illinois.

Capitol building in Springfield, Illinois.

SPRINGFIELD, Ill. (AP) _ Illinois lawmakers want to hold additional hearings to discuss how to proceed with a pair of similar bills aiming to deal with the state’s pension debt.

The state House Personnel and Pensions Committee held its first meeting Monday on the two proposals. Members of the committee said more hearings needed to be held so their questions could be answered.

Both plans would allow members of the five state-funded retirement systems to take a lump-sum payout at retirement and forego regular pension payments. The goal is to give them more control over their money while cutting down on the state’s $111 billion in unfunded pension liabilities.

It’s unclear how many people would take advantage of a buyout and how it would affect the state’s pension payments and pension debt.