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October 15, 2013

Senate President John Cullerton says the state legislature may vote on pension legislation in the fall session regardless of whether the conference committee presents a reform plan.

Cullerton told the Associated Press that the general assembly could vote on the issue via another legislative channel if the conference committee remains split over a deal that could save $138 billion over the next 30 years. Right now, according to a survey done by the AP, the committee is split 5-5 on the plan, which needs the support of six members on the panel to move forward.

The plan would change the current 3 percent compound interest on cost-of-living adjustments (COLAs) to one-half of inflation. COLAs could not fall below 1 percent under the proposal. Additionally, active public employees would be allowed to contribute one percentage point less to their personal retirement plans. Cullerton supports the plan, calling it “less unconstitutional” than SB 1, which passed in the House, but failed in the Senate last session.

The fall veto session begins on October 22.

SOURCES: Associated Press

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