Illinois Passes Pension Overhaul
Wednesday, December 4, 2013
SPRINGFIELD, Ill.—Legislators passed an overhaul of the state public-employee retirement system Tuesday, cutting benefits for workers and retirees in a move that sets up a likely court battle with organized labor.
Supporters say the Illinois pension legislation is expected to save $160 billion and will fully fund the retirement system over 30 years.
"We're here today because the cost of our present state systems are simply too rich for the resources available," said House Speaker Michael Madigan, a Democrat.
Gov. Pat Quinn, a Democrat, is expected to sign the bill into law.