Monday, 06 May 2013 14:18
Illinois Senate to consider options to solve pension crisis
SPRINGFIELD, Ill. (AP) - State senators are expected to consider two possible paths toward addressing the nation's worst pension crisis.
One option is legislation approved in the Illinois House last week. That bill is sponsored by House Speaker Michael Madigan. It would require public employees to pay 2 percent more toward their retirement benefits. It would also reduce annual cost-of-living increases for retirees and raise the retirement age for workers under 45.
Labor unions also are expected to pitch a plan. The details of that proposal have not been disclosed. But a spokeswoman for Senate President John Cullerton says it would offer employees a choice between health insurance or cost-of-living increases.
Lawmakers are expected to discuss the two options in a closed-door meeting on Monday before convening on the Senate floor.
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