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Pension bill making moves

SPRINGFIELD -- Pension talks are moving forward at the Capitol. A bipartisan plan has passed out of a committee and now heads to the House floor.
SPRINGFIELD -- Pension talks are moving forward at the Capitol. A bipartisan plan has passed out of a committee and now heads to the House floor.

The bill is getting support from both sides of the aisle. Those on board agree it's a difficult decision to make, but argue something needs to be done now, not later.

The proposal calls for a six year freeze on cost of living increases. After that, they'd go up for the first $25,000 of a retiree's pension. Employee contributions would also change. They'd have to pay an extra 2% for two years; one percent one year, and one percent the other. The retirement age would also go up to 67. And, the state would have to make pension payments. If it doesn't, it could face legal action.

Supporters say it's the best option on the table right now, but critics disagree. They say it pushes the burden onto state workers and retirees. Some unions have even threatened to sue if it passes, claiming the proposal is unconstitutional. Whether that's the case, will be up to the courts to decide.

The House could take a look at the bill tomorrow. If it passes on the floor, it would then need to be passed by the Senate and sent straight to Governor Quinn's desk for approval.
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