pensions

Pensions
7:00 am
Thu May 9, 2013

Labor's Pension Deal: Best Bet Or Too Good To Be True?

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.

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Passes 62-51
7:09 pm
Thu May 2, 2013

Illinois House Approves Pension Overhaul

The Illinois House of Representatives on Thursday approved a massive overhaul of state pensions. It's the first time the House has passed such a plan after more than a year of negotiating and many failed attempts.

Its also the first time Democratic House Speaker Michael Madigan, D-Chicago, put his full support behind a specific proposal.

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Statehouse Bureau
6:27 am
Thu May 2, 2013

Democratic Leaders Backing Opposing Pension Plans

Union leaders testify against House Speaker Michael Madigan's pension plan in a House committee Wednesday, as Madigan looks on behind them.
Credit Amanda Vinicky

The Illinois House is poised to vote Thursday on an overhaul of the state's pension systems. The plan easily advanced out of a House committee Wednesday morning. But the Senate's working on different method. 

Wednesday began with a widespread feeling that after more than a year of failed attempts to reduce the state's pension debt, House Speaker Michael Madigan's proposal might be it. 

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Pensions
11:56 am
Wed May 1, 2013

Madigan Pension Overhaul Headed to House Floor

House Speaker Michael Madigan (D-Chicago)

The Illinois House is poised to vote Thursday on an overhaul of the state's pension systems. It would reduce state workers', teachers', and university employees' future retirement benefits. The plan easily advanced out of a House committee Wednesday morning. 

There's a feeling in the capitol that after countless attempts to reduce the state's pension debt, this may be it. Insiders say it's significant that the plan's sponsored by House Speaker Michael Madigan — who rarely takes action without having support locked up. 

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