(Bloomberg) — The Illinois House of Representatives approved a bill designed to repair the nation’s worst-funded pension system by raising contribution levels for state employees and delaying the retirement age.
The measure, approved today 62 to 51 in the Democrat- dominated chamber, faces an uncertain future in the Senate, which is preparing its own approach to resolving a $97 billion liability. With annual retirement costs projected to grow by more than $900 million in next year’s budget, lawmakers in both chambers approved different bills in March to rein in expenses.
