Office of Illinois Senate President John J. Cullerton
May 9, 2013
The following statement was released by Senate President John J. Cullerton following Senate passage of SB 2404:
“I’d like to thank my Senate colleagues, the representatives of teachers, nurses, police officers, and public employees who worked together to pass a plan to address our pension crisis.
The courts, bond houses, and our funding priorities demand a law that is clearly constitutional. This bill is fair and respects the plain language of the pension clause. For that reason, I believe that it has the best chance of withstanding a court challenge.
The framework of this bill also achieves the goal of relieving financial pressures starting with the $1 billion pension payment scheduled for FY 15. The plan is estimated to save the state $45 to 51 billion over the next 30 years.
Ambitious savings projections should always be balanced against the prospect of netting zero with an unfavorable court decision. Members of the Senate have calculated this risk and demonstrated their adherence to the plain language of the Illinois Constitution today.”
For a link to the statement, click here.