Pension Reform Legislative Update
January 30, 2017 08:09 AM
In an effort to address concerns regarding the long-term solvency of the Laborers’ and Retirement Board Employees’ Annuity and Benefit Fund of Chicago (LABF), Senate Bill 14was filed with the Secretary by Senator John J. Cullerton on January 11, 2017. On Wednesday, January 25, 2017, Senate Bill 14, which is very similar to Senate Bill 2437(see below for details), was called to a vote in the Illinois Senate and passed. Senate Bill 14 is currently in the Illinois House.
Previously, House Amendment 3 to Senate Bill 2437 was filed on November 14, 2016 by Representative Barbara Flynn Currie, also in an effort to address concerns regarding the long-term solvency of the LABF. On December 1, 2016, the Illinois House of Representatives passed House Amendment 6 to Senate Bill 2437. The bill was called to a vote by the Senate on January 9, 2017 and passed both houses. It was sent to the governor on January 24, 2017. Click here to follow the legislative activity and view a brief synopsis the Bill.
The LABF will continue to update you as things progress.