In a vote on SB 1946's pension reform, House members voted with 92 yea's, 17 no's and 7 present's. Approvals were from both sides of the aisle, as were disapprovals.
Check out how your state rep voted HERE. And if you're shocked as to how this legislation moved so quickly, with little or no advance notice, check out how the bill was picked up by Speaker Madigan and all the activity that happened today -- in one day -- March 24 HERE.
And here's how the House Pension Note reported the legislation's effect on the state budget:
The Commission's actuary completed an earlier similar analysis of this retirement age change together with a maximum pension salary of $150,000 which determined total savings of $43.86 billion and a net present value reduction of $9.75 billion for the State systems only. In addition, an earlier analysis of the COLA change contained in SB 1946 (H-AM 4) determined an additional savings of $12.31 billion. The savings associated with the COLA change is likely to be less than this amount as the actuary's cost study assumed the COLA change without change the current retirement age.
