This afternoon, the General Assembly passed a comprehensive pension reform bill. The governor has indicated that he will sign it soon, bringing to a close an incredibly difficult, rancorous, and painful, but essential legislative process.
This bill was a report of a 10-member conference committee and was the outcome of discussions throughout the summer and fall, culminating in a final negotiation between the four legislative leaders. I was honored to be appointed to the conference committee, and I was among the nine committee members who signed off on this bill. The full text of the bill can be found here, and you can download a two-page summary here.
Important Features of the Bill
In my view the most important features are the following: