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Senate Rejects Second Pension Plan
SPRINGFIELD, Ill. (AP) -- The Illinois Senate has rejected Senate President John Cullerton's proposal overhauling teacher pensions.
Senators voted it down 29-22 Wednesday. Earlier in the day senators rejected a total overhaul sponsored by state Sen. Daniel Biss.
Cullerton's amended plan addresses the Teachers' Retirement System and calls for reduced cost of living increases. It also offers employees a choice on whether they want retirement health care or reduced annual cost-of-living increases.
However, Cullerton did use a parliamentary procedure to be able to recall the bill at a later time.
Opponents say the plan doesn't go far enough.
Illinois has nearly $100 billion in unfunded pension liability because for years lawmakers have either skipped or only made partial payments. The state has the worst pension problem nationwide.
The bill is SB1.
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