Lawmakers Unveil Pension Reform Package

Representative Joe Sosnowski joined a group of bipartisan lawmakers Wednesday to introduce a package aimed at ending pension reform gridlock.

"The pension reform plan released today will guarantee State employees a retirement that is dependable yet affordable for taxpayers," said Sosnowski. "The compromise combines new ideas with what has been previously suggested by business and labor leaders, legislators and civic groups."

At Wednesday's press conference, House Bill 3411 received support from members of all four legislative caucuses and has more than 30 sponsors in the Illinois House.

Sosnowski says that the new pension compromise would ensure the benefits for retirees by guaranteeing employer contributions to be 100 percent funded within 30 years. The proposal also calls for higher employee contributions, limits on retirement cost-of-living adjustments, and a hybrid retirement plan for newly hired teachers and state employees.