Sente Votes for Needed Pension Reforms

SPRINGFIELD, IL – State Rep. Carol Sente, D-Vernon Hills, released the following statement Thursday in response to the passage of Senate Bill 1:

“I was proud to support Senate Bill 1, which will reform four of the five pension systems, including the General Assembly Retirement Fund. In addition to increasing employee contributions, this measure caps pensionable salaries, limits COLAs, and gradually increases the retirement age for future retirees.

“While it was a difficult decision to make, this legislation is necessary to rein in the state’s $100 billion unfunded pension liability which is destabilizing our economy and our state budget, as well as threatening job creation across Illinois. The Illinois Chamber of Commerce, the Illinois Manufacturers’ Association and the Illinois Retail Merchants Association support Senate Bill 1 because it will give job-creating businesses more certainty, allowing them to create and retain more jobs within Illinois’ borders. This measure is estimated to reduce our pension liability by $30 billion now, and by $155 billion long-term, until we reach 100 percent funding in 2044.

“Although I wasn’t in Springfield when the problem began, I did join the House Personnel & Pensions Committee to be on the forefront of finding a solution to this crisis. The bill passed with bipartisan support, and should this bill become law, it will not only help reduce future debt, but it will help to preserve pensions for those who have diligently paid into them for years.

“While Senate Bill 1 is another important step in the right direction, along with recently passed Medicaid reform, it does not completely solve Illinois’ fiscal problems. We must continue to address our backlog of unpaid bills, high unemployment, and economic competitiveness if we hope to meet our future pension obligations.”

For more information please contact Rep. Sente’s full-time constituent service office at (847) 478-9909.