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December 4, 2013

Illinois Legislature Approves Pension Cuts 
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Illinois lawmakers have approved a measure that will impose major cuts
to retiree benefits in the state's troubled pension system. Illinois
faces the worst-funded pension system in the country, with an estimated
$100 billion shortfall. On Tuesday, the Democrat-controlled Illinois
Legislature voted to push back the retirement age for younger workers
and scrap an overall cost-of-living increase for retirees. Gov. Pat
Quinn is expected to sign the measure into law. State unions have vowed
a court challenge.

 

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