Contact Us

Illinois Governor Signs Pension Overhaul into Law

Illinois Governor Pat Quinn
Getty Images

CHICAGO (AP) — Gov. Pat Quinn has signed into law a landmark overhaul aimed at fixing Illinois’ nearly $100 billion pension crisis.

The law reducing retirement benefits for state employees takes effect in June, but court challenges are expected. Several unions have called the benefit cuts unconstitutional.

Illinois’ unfunded pension system is considered the worst in the nation after lawmakers skipped or shorted payments for years.

The legislation was unveiled last week and is expected to save $160 billion over three decades.

Among other things, the plan signed into law Thursday pushes back the retirement age on a sliding scale for those 45 and younger. It also caps the salary on which a pension benefit is based and lowers the employee contribution.

Copyright 2013 The Associated Press. All rights reserved. This material may not be published, broadcast, rewritten or redistributed.

More Local News

More State, US & World News

Best of the Web

Leave a Comment

It appears that you already have an account created within our VIP network of sites on . To keep your points and personal information safe, we need to verify that it's really you. To activate your account, please confirm your password. When you have confirmed your password, you will be able to log in through Facebook on both sites.

Forgot your password?

*Please note that your points, prizes and activities will not be shared between programs within our VIP network.

It appears that you already have an account on this site associated with . To connect your existing account with your Facebook account, just click on the account activation button below. You will maintain your existing profile and VIP program points. After you do this, you will be able to always log in to http://ksoo.com using your Facebook account.

*Please note that your points, prizes and activities will not be shared between programs within our VIP network.

Please fill out the information below to help us provide you a better experience.

Register on KSOO-AM 1140 - Live, Local and Breaking News from Sioux Falls, South Dakota quickly by logging in with your Facebook account. It's just as secure, and no password to remember!

Not a Member? Sign Up Here

Register on KSOO-AM 1140 - Live, Local and Breaking News from Sioux Falls, South Dakota quickly by logging in with your Facebook account. It's just as secure, and no password to remember!