UPDATE: Illinois pension plan heads to House and Senate - WREX.com – Rockford’s News Leader

UPDATE: Illinois pension plan heads to House and Senate

Posted:
SPRINGFIELD (WREX) -

UPDATE:
A 10-member bipartisan committee has passed the proposed pension deal, moving the measure to the House and Senate for debate.

The Associated Press reports six members of the panel signed the plan Monday.

The plan would move workers' retirement age back, based on a sliding scale. It also has a funding guarantee, adds an option similar to a 401k, and cuts the employee contribution. It would replace the current cost-of-living increases of three percent, but retirees would still get that rate up to a certain amount of annuity payments that is based on how many years they were employed.

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PREVIOUSLY:
Illinois lawmakers are returning to Springfield this week to discuss a possible deal to solve the state's $100 billion pension crisis.

Many lawmakers, including House Republicans, received a draft of the 325-page bill Sunday night, with both the House and Senate expected to consider the measure Tuesday.

An agreement to save Illinois $160 billion over 30 years was announced by lawmakers last week. However, unions spent Monday trying to fight the bill, saying its not fair to retirees and some elements of the plan are unconstitutional.

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