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Illinois Passes Pension Reform

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Illinois lawmakers have just passed sweeping pension reform to stave off a 100 billion dollar crisis. ABC News reports lawmakers narrowly passed the overhaul, which raises the retirement age, reduces cost of living increases, and creates a 401k type option. Those in favor, including House Speaker Michael Madigan, say they had no choice... (Continuing to do nothing will further erode the state's credit rating, and our ability to attract and maintain businesses and people.) The deal is designed to save the state 160 billion dollars over 30 years. But once signed into law, the unions are expected to fight it in court.


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