Illinois lawmakers have approved long-awaited reforms to state and local pension systems as one means of addressing the state’s massive debt, according to Senator Bill Brady.

Senate Bill 1946 applies to all state and local pension systems with the exception of Chicago fire and police, and downstate/suburban fire and police. It does not affect current employees and retirees, and applies only to employees hired after the bill becomes law.

 Senator Brady said legislators of both parties supported the package as a means of trying to correct the state’s fiscal crisis and keep the current pension systems from collapsing.

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