Illinois House OKs Madigan Pension-Reform PlanSPRINGFIELD, Ill. (AP) - The Illinois House has approved a comprehensive pension-reform plan for the first time after years of talks. 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 increases. 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. More information is available online: http://www.ilga.gov .
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