Illinois House Passes Pension ReformPosted:
Springfield -The Illinois House approved a pension overhaul on Thursday that requires state employees to pay 2 percent more toward their retirements. They would also have to delay retirement and accept less-generous annual cost-of-living increases.
Speaker of the House Michael Madigan read off the 14 part plan to house members before the vote.
Another key piece of the legislation is using new methods to calculate the cost of living for state retirees.
One lawmaker opposed to the bill said trying to predict how successful this will really be in 20 to 30 years is all but impossible.
"Even if this bill passes, even if it becomes law, there's still an enormous unfunded liability that remains. None of us has a crystal ball, so how do we pull the remaining tens of billions of dollars, and according to some estimates, maybe still even over a hundred billion, even if this passes, maybe still even over a hundred billion dollars in unfunded liability. How do we pay that down," said Palatine Representative Thomas Morrison.
The next big hurdle for the bill will be to pass in the senate.
From there it would head to the governor's desk for his signature, which he has said he would do without hesitation.