Pension bill fails in Illinois Senate

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A bill that, some say, could have erased Illinois’ $100 billion pension fund deficit was defeated in the state Senate.

Now we wait to see whether the state House accepts an alternative pension bill.

House Speaker Michael Madigan’s plan got less than half the votes it needed for passage in the Senate Thursday.

The alternative, offered by Senate President John Cullerton, would let retirees choose between annual cost-of-living raises and state-paid healthcare; the House has  until tonight to vote on that version.

This is scheduled to be the final day of the spring legislative session.

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