Fair
40°FFairFull Forecast

Attendees: Ill. pension bill signing was somber

Published: Thursday, Dec. 5, 2013 4:00 p.m. CST

CHICAGO (AP) — Lawmakers inside a private event where Gov. Pat Quinn signed landmark pension reform into law say the mood was somber.

Less than one dozen people attended Thursday's ceremony.

The legislation aims to solve the state's nearly $100 billion pension crisis. The plan calls for cutting benefits for current employees and retirees and is estimated to save $160 billion over thirty years.

In a statement, Quinn says Illinois is moving forward and this is the way to address the most dire fiscal challenge.

Illinois House Republican Leader Jim Durkin told reporters after the signing that it was a difficult position to be in with few options.

House Speaker Michael Madigan says that it's the right thing to do and better than facing bankruptcy.

___

The bill is SB1

Get breaking news sent to your phone. Sign up for text alerts from Sauk Valley Media!

Copyright 2017 The Associated Press. All rights reserved. This material may not be published, broadcast, rewritten or redistributed.

National video



Reader Poll

There’s a movement afoot in the Illinois Legislature to name former President Barack Obama’s birthday (Aug. 4) as a legal holiday in Illinois. What do you think?
Good idea
Bad idea
Not sure
No opinion