Pension plan comes at a cost to retirees and workers

Published 05/06 2013 06:29PM

Updated 05/08 2013 10:38AM

SPRINGFIELD -- Lawmakers are unveiling a brand new plan to fix the state's pension squeeze. The Senate says they have an even better plan that what the House passed last week.

There were too many questions about whether that deal could stand up to the state's constitution, so now lawmakers have something a little different. The new idea is all about choices.

If you're currently retired, you could pick from two different plans; either take a lower cost of living increase, called a COLA, or keep it the same and lose retiree healthcare coverage. Active workers get the same choices, plus a third option where COLA and healthcare would change just a little if you pay in two percent more.

The unions are behind this plan. They helped negotiate it which could mean no more court challenges. For now, this is the plan the Senate says they're pushing forward.

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