SPRINGFIELD, Illinois — Gov. Pat Quinn says Illinois House lawmakers have taken the "biggest step to date" toward restoring the state's financial stability.
The House approved a pension overhaul on Thursday that requires state employees to pay 2 percent more toward their retirements. They would also have to delay retirement and accept less-generous annual cost-of-living increases.
The proposal is sponsored by House Speaker Michael Madigan. It requires Illinois to guarantee that it would make its required contribution every year.
In a statement Quinn says it is a comprehensive solution that addresses a decades-long problem. Illinois has nearly $100 billion in unfunded pension debt.
The measure now goes to the Senate where President John Cullerton has his own ideas about reform.
The bill is SB1.
Online: http://www.ilga.gov .