Public Pension Reform in Illinois at the “One-Yard Line”
As the Illinois General Assembly is in the midst of its October-November veto session, State Representative Elaine Nekritz remarked that the Conference Committee on Pensions is “at the one-yard line” for coming to an agreement on pension reform. While a comprehensive pension reform bill has not yet been completed this session (as of the date of this alert), a “leaked” version of the conference committee’s reform package was intercepted by the press and described in various news reports. Governor Quinn and legislative leaders continue the long drive to the goal line as public finances across the State continue to feel intense pressure. Actuaries continue to analyze the Committee’s game plan, and it is unclear which reform measures have a schematic advantage. Governor Quinn has even indicated he would decline his own salary until a workable pension reform plan was proposed. All spectators involved continue to hope for a satisfying victory.