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Lawmakers' deal could cost retirees

SPRINGFIELD -- Legislative leaders sound closer to a potential deal on pension.
SPRINGFIELD -- Legislative leaders sound closer to a potential deal on pension. They met this week to try to firm up a plan so they could call lawmakers back to vote on it next month.

The plan could save the state about $150 billion, but it comes with a cost for retirees. Right now, they get a yearly 3% cost-of-living increase. The plan would cut that rate to half of inflation. It would come with a minimum 1% increase and a maximum 4%.

This plan would also cut employee contributions by 1% as a trade-off. A local state representative says he isn't sure the plan has the votes to pass.

Lawmakers have been told to keep the days around December 3 available for a possible session. The unions oppose the deal and have asked their members to devote next week to calling lawmakers, urging them to vote against the plan.
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