Illinois took a major step forward in meeting its financial commitments on Friday, after Sen. Althoff joined her Illinois Senate colleagues in approving three measures aimed at making the state's required contributions into the pension system.
House Bill 116, House Bill 3639 and HB 3697 passed the Senate with overwhelming bipartisan majorities. An accompanying measure, House Bill 117, requiring the state to pay $2.1 billion in debt service on bonds, also passed by a wide margin.
The legislation came about as a result of a bipartisan agreement between Republican and Democratic state leaders, who are engaged in ongoing discussions this year on how to grapple with the state's massive fiscal crisis. In the past, the state regularly skipped pension payments in order to pay for short-term spending. This year, the state is moving to reverse course, and live up to its obligations.
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