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Illinois Senate says no to pension plan

Wed, 20 Mar 2013 14:53:18 CDT
By: AP

The Illinois Senate has rejected a pension overhaul that delays cost-of-living increases, pushes back the retirement age for some and calls for higher employee contributions. Senators voted it down 23-30. The bill sponsored by state Sen. Daniel Biss and replicates part of a previous plan. It would require public employees to contribute 2 percent more toward retirements and push back the retirement age in increments by age group. The plan also requires the state to make its annual pension payment. Illinois has nearly $100 billion in unfunded pension liability because for years lawmakers have either skipped or only made partial payments. Opponents say the plan isn't constitutional. Illinois has the worst pension problem nationwide.

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