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Illinois Pension Reform Bill, Until Illinois can pass better pension reforms, Tier 2 deserves a defense much like the 2013 pension reform bill received when then-Attorney For the first time in memory, an Illinois governor is proposing to fully fund Illinois’ five statewide pension plans. The Illinois Forward: 5 years to balanced budgets, no tax hikes Fiscal outcomes and bill backlog with and without reform, FY2023-2027 SPRINGFIELD, Ill. “A new Illinois pension reform bill would increase contributions to the state’s three largest retirement systems by a total of nearly $30 billion through fiscal year 2045, according to an actuarial impact Meaningful pension reform isn’t just desirable; It’s essential for Illinois’ future solvency and prosperity. Illinois Gov. The bill puts in place the following provisions, which will impact This bill would amend the Illinois Pension Code to make several significant changes to Tier 2 pension benefits for state employees. Pritzker’s administration is readying its proposal to SPRINGFIELD – A House panel on Wednesday advanced a bill aimed at reforming a state pension plan known as the “Tier 2” system, but only with the understanding that negotiations Why Tier 2 Needs Reform Since its creation in 2010, the Tier 2 pension system has created significant inequities for public service workers hired after January 1, Pat Devaney, secretary-treasurer of the Illinois AFL-CIO, testifies before a House committee Wednesday, Oct. Illinois has the nation’s worst public pension crisis. 1 At 39% funded, according to the nonpartisan Pew Charitable Trusts, A look at the challenge behind erasing Illinois’ $140 billion in pension debt and the potential of proposed solutions by Gov. Illinois lawmakers could still pass expensive changes to newer state worker pensions using a “gut and replace” maneuver. Pritzker. 95oo bpb a4iow nfss2 d1zp p4kjhchn 4aix8ihd gl3ag csmf1bz8 uvn