Quinn approves pension reforms

Staff reports

Gov. Pat Quinn today signed "historic" pension reform legislation that is supposed to save the state billions over the next decades.

Generally, the changes raise the retirement age, limit annual retirement increases and prohibit double-dipping on public pension systems. The changes have no effect on current state employees and apply only to those hired after Jan. 1, 2011.

"This is the biggest cost savings ever enacted," Quinn said, as lawmakers lined up with him to praise their own efforts.

The state will immediately begin counting savings from the bill, saying it will help save $400 million in next year's state budget. That still is only a tiny part of the $13 billion deficit facing the state.

State Capitol Bureau