Pension Update

Last week, the State Senate made huge progress towards fixing the single largest problem facing our state: our dangerously underfunded state pension systems.

With our nearly $100 billion pension shortfall increasingly choking off funding for other core state services like public education funding, it was imperative that we address the problem.

At the same time, the Illinois Constitution specifically protects pension benefits, and I don’t believe it’s fair for the state to break its promise to the thousands of hard-working state employees who already paid their portion.

But through hard work, months of negotiations, and bringing all parties to the table, I believe we have found a responsible solution to this complex and difficult problem.

I was pleased to join 39 of my colleagues from both sides of the aisle to support Senate Bill 2404, a plan which saves the state up to $46 billion over the next 30 years and guarantees 90 percent funding of the pension system by 2045. The plan passed out of the Senate and now heads to the House.

There are other pension proposals under discussion in Springfield, but the measure I supported is the only measure that resulted from negotiations with labor unions and has their support.

Not only that, but this is the only proposal likely to be found constitutional by the Supreme Court. Passing a plan that won’t be upheld in court would only waste precious time and money and leave us no better off than where we are today.

This plan is the most reasonable and responsible choice for Illinois’ future. Please click on the graph below to learn more about the specifics of this reform proposal.