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Cuts to Benefits
Thu March 14, 2013
Pension Plans Advance in Illinois Legislature
The Illinois Senate has moved forward with a pair of measures (SB 1 and SB 35) that would strip government workers of some of their pension benefits. The changes would impact state and university employees, as well as downstate and suburban public school teachers.
Both plans would raise the retirement age and limit cost-of-living increases.
Senate President John Cullerton acknowledged neither measure will immediately save money for the state.
"Unfortunately none of these bills will help us in this current fiscal year because they'll undoubtedly be challenged and it will take a while for that to be determined," Cullerton said.
Although both proposals now go to the full Senate, it remains to be seen whether they'll have enough support to pass out of the full chamber.
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