02.16.26

Illinois Senator Offers 401(k)-Style Option to Escape $145 Billion Pension Crisis

by: Catrina Baker

Illinois Sen. Chris Balkema (R-Channahon) is pushing a sweeping but voluntary change to the state’s pension system that would allow public employees, including teachers, to opt out of traditional pensions in favor of a market-based retirement plan similar to a 401(k). He described the proposal as an expansion of an option that already exists for university professors in Illinois, who currently have access to market-based retirement plans.

Read more on The Center Square.