WXPR's Community Journalists
Most Active Stories
- Margot Adler, An NPR Journalist For Three Decades, Dies
- UPDATE: Star Lake Woman Dies After Rescuing Kids From Drowning
- Investigative Film on Penokee Mine Comes to Northern Wisconsin
- State Limited In Helping Keep Rail In Rural Areas: Secretary
- Mixing Experiment Helps Remove Ninety Percent of Invasive Smelt From Crystal Lake
Thu December 5, 2013
Illinois Governor Signs Pension Rescue Plan
Originally published on Thu December 5, 2013 5:52 pm
Illinois Gov. Pat Quinn has signed into law a sweeping overhaul in the state's underfunded pension system that's aimed at closing a $100 billion shortfall.
As we reported earlier this week, the legislation is almost certain to face legal obstacles from public employee unions that oppose it.
Illinois' pension system is considered the worst-funded in the nation, and the law signed on Thursday would push back the retirement age for workers who are now 45 or younger. It would also trim an annual 3 percent cost-of-living increase and give workers the option to freeze their pension and start a 401(k)-style defined contribution plan.