Pension reform bill faces crucial vote today
Illinois lawmakers may vote today on a bill aimed at erasing the state’s massive public pension debt; but even if there are enough votes for passage, the bill faces an almost certain court fight.
It would raise the retirement age for workers currently under age 45, and reduce guaranteed annual increases in monthly pension checks.
Unlike previous bills, this one has support from both Democrats and Republicans; but of the four Republican candidates for Governor, only Bill Brady supports the pension bill.
Labor unions say the bill could cut a typical state retiree’s pension benefits by almost one-third; and they’re prepared to sue, to protect their benefits.