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You are here: Home Financial Illinois OKs pension cuts in landmark reform

Illinois OKs pension cuts in landmark reform

 

The plan will reduce annual cost-of-living increases for retirees, raise the retirement age for workers 45 and under, and impose a limit on pensions for the highest-paid workers.

 Employees will contribute 1% less out of their paychecks under the reform, while some will be given the option to contribute to a 401(k)-style plan.

 Legislative leaders of both parties crafted the deal,

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