SPRINGFIELD, Ill. (AP) - A plan to overhaul Cook County’s pension system by increasing county payments and reducing some benefits for employees cleared another hurdle.
A House committee voted 6-4 late Wednesday to approve changes Cook County President Toni Preckwinkle says are necessary to keep the retirement system from dissolving in 20 years. The Senate passed the measure Tuesday.
The plan calls for a roughly $145 million increase in the county’s payment in 2016. It would increase the retirement age and contributions, and change cost-of-living adjustments. It resulted from negotiations between county leaders and some unions. One labor group says it may sue over the changes.
Republicans who oppose the proposal say it will lead to property tax increases.
The measure heads to the House floor.
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The bill is HB1154.
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