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Illinois Legislature Approves Pension Cuts

HeadlineDec 04, 2013

Illinois lawmakers have approved a measure that will impose major cuts to retiree benefits in the state’s troubled pension system. Illinois faces the worst-funded pension system in the country, with an estimated $100 billion shortfall. On Tuesday, the Democrat-controlled Illinois Legislature voted to push back the retirement age for younger workers and scrap an overall cost-of-living increase for retirees. Gov. Pat Quinn is expected to sign the measure into law. State unions have vowed a court challenge.

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