Thursday, 21 March 2013 02:40
IL Senate passes pension reform plan on 2nd try
SPRINGFIELD, Ill. (AP) — The Illinois Senate has approved on a second vote Senate President John Cullerton's proposal overhauling teacher pensions.
Minutes earlier senators rejected the plan; it was shy one vote to pass. Cullerton used a parliamentary procedure to recall the bill. The second vote yesterday was 30-22.
Cullerton's amended plan addresses the Teachers' Retirement System and is estimated to save up to $40 billion over the next 30 years. It also offers employees a choice on whether they want retirement health care or reduced annual cost-of-living increases.
Opponents say the plan doesn't go far enough in addressing Illinois' pension crisis. Illinois has nearly $100 billion in unfunded pension liability.
Earlier in the day senators rejected a total overhaul sponsored by state Sen. Daniel Biss.
Minutes earlier senators rejected the plan; it was shy one vote to pass. Cullerton used a parliamentary procedure to recall the bill. The second vote yesterday was 30-22.
Cullerton's amended plan addresses the Teachers' Retirement System and is estimated to save up to $40 billion over the next 30 years. It also offers employees a choice on whether they want retirement health care or reduced annual cost-of-living increases.
Opponents say the plan doesn't go far enough in addressing Illinois' pension crisis. Illinois has nearly $100 billion in unfunded pension liability.
Earlier in the day senators rejected a total overhaul sponsored by state Sen. Daniel Biss.
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