The big pension bill is on its way to the Illinois Senate. Answering a member’s question about whether this bill was the best possible, its sponsor, House Speaker Mike Madigan (D-Chicago, pictured), said, “This is the result of intense work over several years … our goal here is to pass a bill.” The bill, almost assured of a court challenge, reduces future cost-of-living adjustments, carries a higher retirement age, and promises full funding of the pension systems by 2044.
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Actually, that’s four of the pension systems, as the judges’ system – again, anticipating the bill coming into court – being left out. Madigan said a contentious “cost shift” – putting the funding burden for Downstate schools onto those districts rather than on the state – is coming in another bill.