Pension Reform Legislation Update

January 8, 2013

Today was the final day of the lame duck session in Springfield. The State Legislature adjourned without taking any action on pension reform in Illinois.

One piece of legislation that could have had negative implications for many Illinois pensions, excluding Chicago Police and Fire, was Senate Bill 1673. This bill mandated the formation of a Pension Reform Commission. This eight member commission would have been responsible for making a recommendation to the State Legislature on how to fund certain pensions at 100% by 2045. Once passed by both houses the bill would have been veto-proof.

There have been many unsubstantiated postings and misinformation about the status of this bill. The bill died when the State Legislature abruptly adjourned at about 4:45 pm today.

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