Illinois House Passes Pension Reform Bill
Published on May 2 2013 4:16 pm
Last Updated on July 14 2013 12:07 pm
Written by Greg Sapp
The Illinois House has passed a new pension reform bill.
62 state reps gave the controversial bill a thumbs up, even though many claim it isn't a perfect fix.
Minority Leader Tom Cross says lawmakers have no choice but to act now. He says the bill goes a long way in getting the state's 100-billion-dollar pension liability under control.
The bill would require workers to pay two percent more toward pensions, workers under 45 would have to work a bit longer before they're eligible to retire, and it would reduce raises for most retired workers. The bill does not include a cost shift that would make downstate and suburban school districts pitch in more for pension costs, but Madigan says that bill is coming soon. He also anticipates unions will challenge the bill if it becomes law.