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IL Senate President’s Pension Bill Approved

By on March 21, 2013

SPRINGFIELD, Ill. (AP) — The Illinois Senate has approved on a second vote Senate President John Cullerton’s proposal overhauling teacher pensions.

 

Minutes earlier senators rejected the plan; it was shy one vote to pass. Cullerton used a parliamentary procedure to recall the bill. The second vote yesterday was 30-22.

Cullerton’s amended plan addresses the Teachers’ Retirement System and is estimated to save up to $40 billion over the next 30 years. It also offers employees a choice on whether they want retirement health care or reduced annual cost-of-living increases.

Opponents say the plan doesn’t go far enough in addressing Illinois’ pension crisis. Illinois has nearly $100 billion in unfunded pension liability.

Earlier in the day senators rejected a total overhaul sponsored by state Sen. Daniel Biss.