Lawmakers running out of time to solve pension problems

SPRINGFIELD -- The clock is ticking for lawmakers to pass pension reform. New numbers are in on one proposal, Senate Bill One.

Experts now calculate it could save the state $187 billion over 30-years, knocking $21 billion off the state's unpaid pension liability, which is nearing $100 billion.

The bill would increase employee pension contributions by 2% and change the formula for calculating retirees' cost-of-living increases.

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