Illinois Lawmakers To Vote On New Pension Plan Agreement

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CHICAGO (AP) - House Speaker Michael Madigan says the vote on a pension deal will be "very difficult" when lawmakers gather for a special session next week.

Madigan spoke to reporters Wednesday after legislative leaders said they agreed on a proposal that will help solve Illinois' $100 billion pension crisis.

The Chicago Democrat says the proposal will save roughly $160 billion over 30 years. It includes pushing back the retirement age. Madigan says the plan would replace the current 3 percent annual compounded cost-of-living increase that retirees receive with one that is equal to the inflation rate. That's instead of cutting the increase to half the inflation rate, which was a sticking point.

Madigan says he reached out to leaders in final days to forge the agreement.

Lawmakers are expected Tuesday in Springfield.


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