There's more action on pension reform in Springfield. The Senate has passed Senate Bill One, which changes benefits for some teachers. It gives active teachers in Tier One an option to take a lower COLA, keep access to retirement healthcare, and have future pay raises count toward their pensions. The second option means the teachers could keep their existing three-percent COLA.
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If they go with choice two, their salary increases will not count toward their pensions and they won't have access to retirement healthcare. The bill is expected to reduce the unfunded liability by four-point-seven billion dollars off the top, and save 18-billion over 30 years. Senator Matt Murphy voted against the bill, claiming it doesn't save enough money or do enough to fix the broken pension system. He says another pension bill would've saved seven times more money than SB1. But the other bill was voted down.