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Illinois House speaker offers comprehensive pension fix

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By Karen Pierog CHICAGO (Reuters) – Illinois House Speaker Michael Madigan on Tuesday proposed a comprehensive plan to fix the state’s sagging public pension system – the worst-funded state pension system in the country – with only a month to go in the legislature’s spring session. The 271-page measure sets a cap on salaries used to determine pensions, limits cost-of-living adjustments on pensions for future retirees, increases retirement ages for workers currently under 45 years old, and hikes worker pension contributions by 1 percent over each of the next two fiscal years. . . .

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