Why Illinois pension reform will take time
Illinois legislators have just passed a bill that will put millions of people on a path to an early retirement.
The legislation, sponsored by Democrat Tammy Duckworth, is intended to help people in the state transition to a more modern retirement system that will help reduce the number of retirees on public pensions and save money on the state’s public healthcare costs.
But it also includes a provision that would allow the state to cut back on pensions for a few more years if a state audit finds that they’re not meeting the standards of the current system.
The Illinois House and Senate approved the bill on Thursday by a vote of 52-45.
It is likely to face a final vote on Monday.
The bill requires Illinois to set a retirement age at 65, and it will require the state pension board to establish a new retirement plan.
It also includes provisions that could save Illinois some $1.4 billion over 10 years if the state were to reduce the pension age by 25 years.
The new law is aimed at reducing the state government’s pension liability as a percentage of its gross state product.
This is a measure of the state budget that takes into account all the money the state is paying out in benefits and spending on programs.
The state currently has a pension liability of roughly $12.3 billion.
Its current pension liability is around $1 trillion, according to the state.
The pension plan, which was established in 2013, was created in order to cover the cost of administering the state system.
Currently, the state has a $1,250 per month pension.
It’s estimated that it would cost the state between $1 billion and $2 billion to eliminate its pension liability over 10, 10-year periods.
The bill, however, sets a retirement plan that could take some time to achieve.
The Illinois General Assembly, which has already passed a number of pension reforms, has repeatedly rejected such plans as they are not retroactive.
The new bill is expected to be introduced next week and is expected by lawmakers to pass.
The legislation includes provisions to allow the Illinois pension board more flexibility in determining how to pay its members.
Currently the state relies on a formula that requires all pensioners to make annual contributions equal to the annual average of their earnings.
However, the bill would allow pensioners who are under 65 to opt out of the formula if they want to work longer and contribute more to the plan.
In order to qualify, pensioners have to be eligible for certain retirement benefits.
Those benefits include retirement income and a state defined contribution plan.
This means that retirees will have to make regular contributions to the pension plan even if they are already working, according the bill.
However, those benefits are contingent on the amount of pension they receive.
It was not clear how much pensioners could opt out from the pension formula if their total contributions to their pension plan were greater than the state average, or how much they could opt in to contribute to the system if their contribution was less than the average.
The Senate has also proposed a similar provision to the bill, and Duckworth has said she will support the proposal.
The House and the Senate also approved a similar pension reform bill that was passed by the state House earlier this year.
The House and House Rules Committee voted on the bill in the evening on Thursday.
It would allow people who are age 65 or older to opt-out of the pension system if they wish to.
It would also allow the board to set up a system where it would be easier for workers to get a pension if they had children, have more children or live in a retirement home.
It also would make it easier for pensioners and employers to share certain benefits, including health insurance, health coverage and pension payments.
In an interview with CNN on Thursday, Duckworth said the new legislation is “an important step forward.”
“The plan will provide better protections for Illinois workers and our retirees and will help us to address a number issues that we’re facing right now,” she said.
The Associated Press contributed to this report.