Springfield -- The Illinois House
has approved a comprehensive pension-reform plan for the first time after years
The House voted 62-51 Thursday to advance
the measure sponsored by House Speaker Michael Madigan.
The Chicago Democrat's proposal is
designed to close a $97 billion deficit that dogs the state's pension plans.
Underfunding for decades has left the accounts short of what they need.
The legislation requires employees to
contribute 2 percent more of their earnings to their pensions. They would also
have to delay retirement and accept less-generous annual cost-of-living
The state would guarantee it would make
its required contribution every year.
The measure now goes to the Senate where
President John Cullerton has his own ideas about reform.
The bill is SB1.
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