Madigan’s pension reform plan narrowly passes in IL House

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In a tight vote, the Illinois House approved Speaker Mike Madigan’s proposed pension reform plan Thursday.

The bill passed 62-51, with two voting present. It needed 60 votes to pass the House. The bill now goes to the Senate, where a similar bill failed earlier this spring.

Madigan’s plan, which was OK’d by a House committee Wednesday, calls for employees to make higher contributions to their pensions.

He proposes eliminating the current 3 percent guaranteed cost-of-living raises in retiree pensions. He also wants to raise the retirement age from 65 to 67.

Union leaders heavily oppose the bill but Madigan says it’s a necessary step if the state is ever going to get a grip on the state’s pension system, which is nearly $100 billion in debt.

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