Illinois lawmakers have delayed action on a bill that may have forced teachers and state employees to pay nearly three times more for their retirement benefits, Bloomberg reports. The lawmakers faced opposition from public workers and their unions.
The proposed bill would have cut the state’s annual retirement costs and lowered its unfunded pension liability of at least $80 billion by creating a three-tiered plan. Through the bill, employees would be able to stay in the current program at a higher cost, take a lesser benefit at a lower cost or join a self-managed plan similar to a 401(k).
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