Governor Pat Quinn today issued the following statement regarding the Illinois General Assembly's historic passage of comprehensive pension reform which will erase the unfunded pension debt and provide 100 percent funding for the systems. After inheriting the worst-funded pension crisis in the nation due to decades of mismanagement, the Governor made pension reform his top priority, proposed a conference committee to break ongoing legislative gridlock, and worked with legislative leaders and members to pass the bill.
"Since I took the oath of office, I've pushed relentlessly for a comprehensive pension reform solution that would erase a $100 billion liability and restore fiscal stability to Illinois.
"Today, we have won. The people of Illinois have won.
"This landmark legislation is a bipartisan solution that squarely addresses the most difficult fiscal issue Illinois has ever confronted.
"This bill will ensure retirement security for those who have faithfully contributed to the pension systems, end the squeeze on critical education and healthcare services, and support economic growth.
"I applaud House Speaker Mike Madigan, Senate President John Cullerton, House Minority Leader Jim Durkin and Senate Minority Leader Christine Radogno for their leadership and good-faith negotiations. I thank Senator Kwame Raoul and members of the conference committee for their hard work over the past six months.
"I salute the members of the General Assembly who showed great political courage by voting yes for pension reform."