Last updated 9:17PM ET
October 20, 2014
Regional Headlines
Regional Headlines
Illinois House Panel OKs Government Pension Cuts
(2011-05-27)
(wkms) - A plan to shore up Illinois pension systems would force public employees to dig deep into their pockets or accept cuts to their retirement benefits. Many state employees would have to pay nearly 17 percent of their salaries into retirement funds. If they don't want to pay, they could accept a cut in benefits or switch to an investment plan similar to a 401(k). It was approved 6-2 yesterday by an Illinois House committee. Retirement systems have a long-term deficit of about $80 billion. Lawmakers say their only choice is to lower costs and demand more money from employees. Unions say workers paid their share of pension costs and it's the state that has fallen short. © Copyright 2014, wkms