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Quinn praises Madigan-backed pension plan

Published: Thursday, May 2, 2013 4:00 p.m. CDT

SPRINGFIELD (AP) — Gov. Pat Quinn says Illinois House lawmakers have taken the "biggest step to date" toward restoring the state's financial stability.

The House approved a pension overhaul on Thursday that requires state employees to pay 2 percent more toward their retirements. They would also have to delay retirement and accept less-generous annual cost-of-living increases.

The proposal is sponsored by House Speaker Michael Madigan. It requires Illinois to guarantee that it would make its required contribution every year.

In a statement Quinn says it is a comprehensive solution that addresses a decades-long problem. Illinois has nearly $100 billion in unfunded pension debt.

The measure now goes to the Senate where President John Cullerton has his own ideas about reform.

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The bill is SB1.

Online: http://www.ilga.gov

 

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