Senate Forwards Landmark Pension Reform To Governor

Long-Term Cost Savings Will Preserve Retirement Systems, Changes Do Not Impact Existing Workers or Retirees

This week, the most sweeping public pension overhaul in decades passed the General Assembly.  The retirement adjustments, which do not affect current employees or retirees  seek to stabilize and preserve 13 public pension systems that, collectively, maintain unfunded liabilities totaling nearly $80 billion – the highest in the nation by far. 

The bi-partisan reform package comes after years of attempts to solve the state’s pension system woes and the action sends a signal of

Illinois’ willingness to establish long-term fiscal stability.  Because of the reforms,

Illinois stands to save billions of dollars in future pension costs.  That savings releases pressure on state budgeting in the coming decades.

Many experts have warned that, without reform, some retirement systems could become insolvent.  With the reforms, current employees, retirees and those who choose public service careers in the future can be assured of stability and security in their retirement.