SB 2404 is supported by the We Are One coalition

5 Apr

SB 2404 is a bill introduced by Senator Linda Holmes of Aurora, and
co-sponsored by 24 other senators. The bill needs 30 votes to be passed.
IEA and We Are One Illinois have told us that this is a bill that is
fair and constitutional and they support it.

1) Funding guarantee

To ensure that future politicians do not repeat the mistakes of their predecessors, it is essential that proper funding for the pension systems is guaranteed in law. That means allowing those who have the most at stake, the members of these systems, to have the right to sue to compel the state to make its required annual contribution. Making these contributions a constitutionally protected provision ensures the legislature cannot underfund these systems by a simple majority vote when it is politically expedient.

2) Pension stabilization

Additional revenue is essential for any pension-funding plan to be successful. Creating a constitutionally protected pension stabilization fund is a sensible approach to paying down the state’s pension debt. Dedicating resources that have already been built into the base of the Illinois budget to directly pay down the unfunded liability, all while the state and the members continue to make the actuarially required contribution, is a common-sense and constitutional approach.

3) Shared sacrifice

Participants in the state pension systems have always paid their share of the pension cost, even when the state did not. While not to blame for Illinois’ pension shortfall, public employees are willing to share in the sacrifice and be part of the solution. With an ironclad funding guarantee to ensure employer underfunding can never happen again, Tier 1 employees will be prepared to contribute an additional 2 percent of salary, phased in over the next two years, for their retirement. This will generate more than $3 billion for the retirement systems over the next 10 years.

Attached is a list of the co-sponsors and their districts. Lets see if
we can get our members to blitz our local senator’s offices, like we’ve
done in the past, to get them to commit to vote for SB2404 and
co-sponsor it.

SB 2404 Sponsors and Co-sponsors

 Linda Holmes (D) 42nd District (Sponsor)

Pamela J. Althoff (R) 32nd District

Melinda Bush (D) 31st District

Toi W. Hutchinson  (D) 40th District

Kimberly A. Lightford  (D) 4th District

Mike Jacobs (D) 36th District

Wm. Sam McCann (R) 50th District

Dan Kotowski  (D) 8th District

John G. Mulroe  (D) 10th District

Thomas Cullerton  (D) 23rd District

Pat McGuire  (D) 43rd District

Bill Cunningham (D) 18th District

Michael W. Frerichs  (D) 52nd District

Jennifer Bertino-Tarrant (D) 49th District

Julie A. Morrison  (D) 29th District

Tim Bivins  (R) 45th District

Gary Forby,  (D) 59th District

Iris Y. Martinez,  (D) 20th District

William E. Brady, (R) 44th District

Andy Manar  (D) 48th District

John M. Sullivan (D) 47th District

David Koehler (D) 46th District

Emil Jones, III  (D) 14th District

Michael E. Hastings (D) 19th District

 

David S. Luechtefeld (R) 58th District and, Dale A. Righter (R) 55th District have told Senator Holmes that they will vote yes on SB2404, but not co-sponsor.

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