Politics Over Policy: Swift 'Reform', Questionable Savings, Delayed Consequences

On April 14, 2010, Public Act 96-889 was signed into law, which implement numerous changes to public pension benefits in Illinois for new hires. This Report examines the provisions and public policy implications of the new statute, which reduces retirement benefits for future public employees but fails to implement any real reforms needed to pay down the state’s huge debt for pension benefits already earned by current employees and retirees. The Fact Sheet provides information about the new funding requirement that legislation put in place for all police and fire pension funds in the state.