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IL House Passes Pension Plan

Friday, 3 May 2013

After years of talks, the Illinois House has approved a comprehensive pension-reform plan.

The house voted 65-51 Thursday, and the plan is meant to aid the $97 billion deficit the state faces.

The legislation requires employees to contribute 2% more of their earnings to their pensions.

They would also have to delay retirement and accept less-generous annual cost-of-living increases.

In return, the state would guarantee it would make its required contribution every year.

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