“The bill specifies the worker would get 75 percent of the net present value of the pension benefit.”
Comment: Wake up. The state pensions are 40% funded. If you give the pensioners anything more than 40% of the net present value of their benefit then the unfunded liability would worsen. And nobody seems to be addressing the problem of negative selection. That is, those in poor health, like cancer victims, would be the first to take the option. It would be impossible to distinguish the healthy from the unhealthy, and that would doom this idea, unless you could get lots of takers accepting pennies on the dollar.