\n\t\t\t\t75% of property taxes raised for public safety are going to pensions instead of services.
\n\t\t\t<\/p>\n
Even though some of John VanVleet\u2019s peers were skeptical about the state\u2019s pension buyout program for public employees, he decided to take advantage of it.<\/p>\n
\u201cA lot of people had this conversation where they weren\u2019t sure if they wanted to take it,\u201d said VanVleet, 53, who was the training coordinator at Hill Correctional Center in Galesburg when he retired in January 2025.<\/p>\n
But he was watching Illinois\u2019 fiscal direction, which wasn\u2019t giving him the peace of mind a pension should.<\/p>\n
The state has \u201cpushed so many people out,\u201d said VanVleet, who was a state employee for 23 years. \u201cPeople are fleeing Illinois because of the cost of everything.\u201d<\/p>\n
\u201cI took my buyout just to get something out now,\u201d he said. \u201cI was afraid of a collapse, the way this government spends.\u201d<\/p>\n
He decided on a partial buyout, which gave him a cash-out payment at retirement. That gives him the original pension he earned. In exchange, he forgoes most of the raises and cost-of-living adjustments he would have gotten.<\/p>\n
\u201cThat way, if something happens down the line, I already have some of the money,\u201d he said.<\/p>\n
He invested the lump sum in private retirement accounts, where he controls the money.<\/p>\n
\u201cMy son has investments where he\u2019s making 10% returns, so I\u2019m in the process of moving my money to the same place,\u201d VanVleet said.<\/p>\n
The buyout program has spared Illinois about $2.9 billion<\/a> in pension liability over eight years. With Gov. J.B. Pritzker signaling his intent to extend it a third time, a bill in Springfield would provide a similar option for two of the worst-funded pension systems in the country: Chicago police and fire.<\/p>\n Both systems are less than 30% funded<\/a>, which is past the \u201cpoint of no return.\u201d In other words, worker contributions will not be enough to fund the deficit, meaning the money will have to come from somewhere else.<\/p>\n Chicago has handled this by paying into the systems directly. The side effect is that 75% of property taxes<\/a> raised for public safety are going to pensions instead of services.<\/p>\n State Sen. Robert Martwick introduced House Bill 3404<\/a> in hopes of securing a buyout option for Chicago police and fire pensioners. The bill passed out of committee last month.<\/p>\n VanVleet says more and more lately, he\u2019s seeing others take a buyout.<\/p>\n