Sente Votes to Reform Pensions, Saves State $100 Billion Over 30 Years

SPRINGFIELD, IL – As part of her ongoing commitment to fiscal responsibility and getting the state back on sound financial footing, State Rep. Carol Sente (D-Vernon Hills) supported  bipartisan, comprehensive pension reform proposals last week.

“In the past few weeks, we’ve taken long-overdue steps to achieve three major components of meaningful pension reform,” Sente said. “By capping cost of living adjustments, gradually increasing the retirement age, and capping pensionable salaries, we can lay the foundation for truly comprehensive and responsible reform of these four state pension systems.”

Last week, Sente voted for House Bill 1165, which limits the automatic increases in pension benefits to three percent annually or $750, whichever is less. These automatic increases are a huge driver of soaring pension costs, and this one proposal is estimated to save approximately $100 billion over the next 30 years. House Bill 1166 increases the minimum retirement age by one year for those ages 40 to 44, three years for those 35 to 39, and five years for those under 35. House Bill 1154 limits pensionable salaries to $113,700, so that those who earn high salaries are not receiving extravagant benefits in retirement.

“We all know that the state is facing a serious pension crisis that is drastically impacting other areas of our budget, limiting funding for our schools, and hurting our economy,” Sente said. “We must find a way to keep the state pension systems solvent. I joined the House Personnel and Pensions Committee to be at the forefront of these discussions and save the state money, while ensuring that current retirees can continue to enjoy their retirement. These measures are a promising start and I will continue working to pass meaningful legislation that will ensure pensions for those who have earned them while realizing that the state must operate within its means.”

For more information, please contact Sente’s full time constituent service office at (847) 478-9909, or e-mail RepSente@gmail.com.