Ill. Lawmakers Pass Pension Plan Overhaul With Benefit Cuts

Law360, Los Angeles (December 3, 2013, 9:50 PM EST) -- Illinois state lawmakers on Tuesday narrowly approved legislation that would try to close a $100 billion gap in the state's pension budget by raising the retirement age for government employees, cutting cost-of-living adjustments and freezing cost-of-living increases.

The Illinois Senate approved S.B. 1, which aims to slice the state’s pension payments by almost half over the next 30 years, in a 30-24 vote, with three senators voting present. The House voted 62-53, with one member voting present.

The bill required 30 votes for passage in the...
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