IL House committee OKs Madigan’s pension reform plan

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An Illinois House committee has OK’d House Speaker Mike Madigan’s plan to reform the state’s public employee pension system.

Madigan’s plan 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.

The proposal moves to the floor for a vote but also needs Senate approval.

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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