The Illinois General Assembly approved sweeping cuts to state employee pensions Tuesday. The move comes after years of stalemate over how to address a hundred-billion dollar liability — the worst-funded pension plans of any state.
The Illinois Senate is expected to vote Thursday on the latest proposal to fix the state's drastically underfunded pension systems. In what's become a multi-year pension debate, many aspects of the plan have been put forth before. But it has one element that makes it unique.