Senate committee OKs 2 pension overhaul plans
SPRINGFIELD (AP) — An Illinois Senate committee has advanced two somewhat similar proposals to address Illinois' worst-in-nation pension problem.
One plan sponsored by Sen. Daniel Biss replicates part of another plan and delays cost-of-living increases, pushes back the retirement age for some and calls for higher employee contributions. The Senate Executive Committee approved it Wednesday 11-4.
The other sponsored by Senate President John Cullerton echoes some of the same ideas. But it contains a backup plan if the first is deemed unconstitutional. His plan offers employees a choice on whether they want retirement health care or reduced annual cost-of-living increases. The committee approved it 11-3.