Illinois lawmakers pass long-awaited pension reform
Wednesday, December 4, 2013
Illinois lawmakers on Tuesday passed a landmark pension reform bill, moving to address the state's crumbling finances in the face of strong public labor union opposition to the bill, which among other measures raises retirement ages.
The bill, passed in a special session, addresses problems that have built up over decades in the nation's worst-funded state pension system. Other changes include reducing and suspending cost-of-living increases and limiting the salaries on which pensions are based.
Championed by Democratic and Republican legislative leaders, the bill passed the Senate in a 30-24 vote and the House in a 62-53 vote after lengthy and at times emotional debate. It now heads to Governor Pat Quinn, who supports it.