Illinois House passes cap on annual pension increases in major reform
SPRINGFIELD, Ill. March 21 |
SPRINGFIELD, Ill. March 21 (Reuters) - The Illinois House on Thursday took a major step towards reining in the state's big and growing public pension costs, passing a bill capping annual cost-of-living pension increases.
Supporters of the measure, which passed in a 66-50 vote, said it deals with the largest cost factor driving up Illinois' already $96.8 billion unfunded pension liability.
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