On Thursday, May 30, State Senator Bill Brady (R-Bloomington) voted in favor of an amended version of Senate Bill 1, a pension reform measure he said does the most to address underfunding and strengthen Illinois’ pension system.
Brady rose in support of the bill during debate on the Senate floor saying, “It’s not without reluctance I rise to support this bill. It is unfortunate that we have to do this, but if we don’t fortify our pension system its future is at risk. This is the linchpin in solving Illinois’ fiscal crisis.”
Proponents of Senate Bill 1 say it does more to stabilize Illinois’ pension system than competing measures, promising savings of $150 billion over 30 years, including approximately $2 billion in 2015. The measure failed when brought up for a vote to concur with amendments made in the Illinois House.
“The failure of the Senate to pass the meaningful pension reform in SB 1 launches us, once again, unto uncertainty,” said Brady.