Governor Pat Quinn issued the following statement regarding today's vote by the Illinois House of Representatives to pass a historic and comprehensive pension reform that will stabilize the pension systems, eliminate the unfunded liability, and preserve the pensions of hard-working state employees and teachers. More than a year ago, the governor convened a legislative working group and proposed a comprehensive solution that includes the key elements of Senate Bill 1:
"Today the Illinois House of Representatives took the biggest step to date towards restoring fiscal stability to Illinois.
"With the passage of this comprehensive pension reform solution, Illinois is closer than ever to addressing a decades-long problem that is plaguing our economy, our bond rating and the future of our children.
"I want to thank Speaker Michael Madigan, Leader Tom Cross, Rep. Elaine Nekritz and members of the House who did the right thing today by voting to preserve the pensions of hard-working state employees and teachers. This solution includes the key reform principles that I have long supported: a COLA adjustment, increase in the retirement age and an increase in the employee contribution. It also includes important refinements as outlined in my 2013 budget.
"Senate Bill 1 is a serious solution to the most serious fiscal challenge our state has ever faced.
"Today's action sends a strong message to the people and businesses of our state: Illinois is ready for reform and we understand that this reform is critical to building a brighter future for all."