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.
Illinois Legislature Approves Pension Cuts
HeadlineDec 04, 2013