Pension Reform

A comprehensive pension-reform plan is now on its way to the Senate.
The House voted 62-51 Thursday to advance the measure sponsored by House Speaker Michael Madigan.
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.
Gov. Quinn praised the bill and says it’s vital to the long-term health of the Illinois economy.
The measure now goes to the Senate where President John Cullerton has his own ideas about reform.

(Copyright 2013 by The Associated Press. All rights reserved.)

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Locations : Illinois
People : John CullertonMichael MadiganQuinn
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