Thu May 2, 2013
Pension Overhaul Passes Illinois House
The Illinois House of Representatives has 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 put his full support behind a specific proposal.
“This bill has been worked assiduously by many, many people. Obviously it does not meet every request. Obviously it does not make everybody happy," Madigan said.
The legislation passed on a vote of 62 to 51.
The measure would require many public employees to work more years before retirement, and it reduces the annual cost-of-living increases on their pensions.
Governor Pat Quinn praised the vote, but stopped short of saying whether he would sign it into law.
The measure still has to get through the Illinois Senate -- where the Democratic leader favors a different approach to changing the pension system.