SPRINGFIELD – The Illinois State Senate today by a 40-16 vote passed a comprehensive pension reform plan, Senate Bill 2404, with bipartisan support. State Senator John Sullivan (D-Rushville) voted for the proposal.
"Changes to our pension system are necessary in order to protect pension benefits for all current and retired teachers, state and university employees," Sullivan said. "This was a difficult vote but this legislation, I believe, is balanced and constitutional and will stabilize both the retirement systems and the state's economy."
Senate Bill 2404 protects vital aspects of the pension system and provides employees and retirees with the ability to choose how these changes will affect their lives. This proposal is the result of negotiations between lawmakers and representatives of public-sector employee unions.
The legislation saves state tax payers approximately $46 billion over the next 30 years and mandates a state payment system that will prevent future funding issues.
"I supported this plan because of its strong, sound constitutional provisions, and because it puts the state of Illinois on a path to fiscal stability," Sullivan said.
Senate Bill 2404 now moves to the House for a vote.
For an overview of the bills details visit www.illinoissenatedemocrats.com.