SPRINGFIELD, Ill. – Governor JB Pritzker got what he says was good news for Illinois taxpayers Thursday, as he signed a law to extend a pension buyout program for state employees.
“As we’ve been sitting here, Fitch came out with its new ratings for the State of Illinois,” said Pritzker. “We’ve received not one, but two credit upgrades from Fitch.”
Fitch increased credit ratings in two areas of the state’s General Obligation bonds — moving both to positive.
Overall, it’s the fifth bond rating increase in a year.
The pension buyout program extension to 2026 is being paid for with some of that bond money.
“Now, over 4,500 retiring public servants have said yes to that opportunity. In doing so, they’ve reduced our state’s net pension debt by more than $1.4 billion. That represents significant taxpayer savings — not only for this year, but for decades to come.”
The pension buyout received bipartisan support in the Illinois General Assembly.
