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Committee approves Illinois pension deal; headed to House and Senate

SPRINGFIELD, Ill. (AP) - A bipartisan committee of lawmakers has approved a plan to deal with Illinois' $100 billion pension problem. The measure now moves to the House and Senate for consideration.

The Associated Press confirmed with six members of the 10-member panel that they had signed the measure Monday after arriving in Springfield for a special session.

Leaders announced the plan last week. It comes nearly five months after a special committee was formed to tackle the problem.

The proposal pushes back workers' retirement age on a sliding scale, has a funding guarantee, adds a 401k-style option and reduces the employee contribution.

It also would replace the current 3 percent annual cost-of-living increases. Retirees would continue to receive that rate up to a certain amount of annuity payments, based on years of employment.

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