Illinois House panel backs major pension reform (Crain’s Chicago Business)

January 7, 2013 – Illinois lawmakers early this afternoon took the first formal step toward finally enacting comprehensive state pension reform — but considerable doubt remains over whether any bill will make it all the way through the legislative process by tomorrow’s deadline. Legislative advocates claim the measure would cut the unfunded liability in Illinois’ major pension funds by $35 billion, or more than a third. Those savings would be achieved by significantly limiting cost of living increases that retired state workers and non-Chicago school teachers get, and by requiring them to contribute an additional 2 percent of their salary toward their pension.

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