Illinois lawmakers on Tuesday approved a bill proposed to fund the state’s $100 billion unfunded pension liability.
The House voted 62-53 in favor of the bill — just two votes more than it needed for passage — and the Senate voted 30-24 in favor, the bare minimum it needed to pass.
The bill proposes changing how cost of living adjustments are paid out, creating pauses up to five years when those COLAs are funded and raising the retirement age for those aged 45 and under.
Gov. Pat Quinn said he will sign the bill as soon as he gets it.