Gov. Pat Quinn signed into law the recently passed pension reform bill Thursday.

“Illinois is moving forward,” Quinn said in a statement. “This is a serious solution to address the most dire fiscal challenge of our time.”

Tuesday, the Illinois General Assembly passed the pension reform bill by a vote of 62-53 in the House and 30-24 in the Senate.

The pension reform solution will eliminate unfunded liability and fully fund the pension systems, according to the press release. The new law will raise the retirement age, reduce the cost-of-living adjustments and set a pensionable salary cap of $109,971 for all state employees.

Senate Bill 1 will go into effect June 1, 2014, according to the press release.