{"id":478170,"date":"2010-03-26T17:29:33","date_gmt":"2010-03-26T21:29:33","guid":{"rendered":"http:\/\/www.senatedem.ilga.gov\/index.php\/component\/content\/article\/898-senate-forwards-landmark-pension-reform-to-governor"},"modified":"2010-03-26T17:29:33","modified_gmt":"2010-03-26T21:29:33","slug":"senate-forwards-landmark-pension-reform-to-governor","status":"publish","type":"post","link":"https:\/\/mereja.media\/index\/478170","title":{"rendered":"Senate Forwards Landmark Pension Reform To Governor"},"content":{"rendered":"<p><strong><em>Long-Term Cost Savings Will Preserve Retirement Systems, Changes Do Not Impact Existing Workers or Retirees<\/em><\/strong><\/p>\n<p><img loading=\"lazy\" decoding=\"async\" style=\"margin-right: 10px\" title=\"\" alt=\"\" align=\"left\" width=\"240\" height=\"160\" src=\"http:\/\/www.senatedem.ilga.gov\/images\/stories\/2010\/pension-051905br181-032610.jpg\" \/>This week, the most sweeping public pension overhaul in decades passed the General Assembly.&nbsp; The retirement adjustments, <u>which do not affect current employees or retirees <\/u>&nbsp;seek to stabilize and preserve 13 public pension systems that, collectively, maintain unfunded liabilities totaling nearly $80 billion \u2013 the highest in the nation by far.&nbsp; <\/p>\n<p>The bi-partisan reform package comes after years of attempts to solve the state\u2019s pension system woes and the action sends a signal of <?xml:namespace prefix = st1><br \/>\n<st1:state><br \/>\n<st1:place>Illinois<\/st1:place><\/st1:state>\u2019 willingness to establish long-term fiscal stability.&nbsp; Because of the reforms,<br \/>\n<st1:state><br \/>\n<st1:place>Illinois<\/st1:place><\/st1:state> stands to save billions of dollars in future pension costs.&nbsp; That savings releases pressure on state budgeting in the coming decades.<\/p>\n<p>Many experts have warned that, without reform, some retirement systems could become insolvent.&nbsp; 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.<\/p>\n","protected":false},"excerpt":{"rendered":"<p>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.&nbsp; The retirement adjustments, which do not affect current employees or retirees &nbsp;seek to stabilize and preserve 13 public pension systems that, collectively, maintain unfunded liabilities totaling [&hellip;]<\/p>\n","protected":false},"author":6472,"featured_media":0,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[7],"tags":[],"class_list":["post-478170","post","type-post","status-publish","format-standard","hentry","category-news"],"_links":{"self":[{"href":"https:\/\/mereja.media\/index\/wp-json\/wp\/v2\/posts\/478170","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/mereja.media\/index\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/mereja.media\/index\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/mereja.media\/index\/wp-json\/wp\/v2\/users\/6472"}],"replies":[{"embeddable":true,"href":"https:\/\/mereja.media\/index\/wp-json\/wp\/v2\/comments?post=478170"}],"version-history":[{"count":0,"href":"https:\/\/mereja.media\/index\/wp-json\/wp\/v2\/posts\/478170\/revisions"}],"wp:attachment":[{"href":"https:\/\/mereja.media\/index\/wp-json\/wp\/v2\/media?parent=478170"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/mereja.media\/index\/wp-json\/wp\/v2\/categories?post=478170"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/mereja.media\/index\/wp-json\/wp\/v2\/tags?post=478170"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}