The Illinois House of Representatives in a 62 to 51 vote yesterday passed a comprehensive bill aimed at addressing the nation's most underfunded state pension plan, a major step after weeks of legislative maneuvering had made pensions the dominant political issue in the financially strapped state, Reuters reported yesterday. The bill, introduced only two days ago by Democratic House Speaker Michael Madigan, now goes to the state Senate. That chamber's president is preparing a competing plan that is viewed as being more favorable to the state's public-employee labor unions. The Madigan bill, which is designed to eliminate a $96.8 billion funding shortfall over 30 years, relies on changes to retirement benefits that unions say are a violation of the state’s constitution. Union leaders have said that they will challenge the measure in court if it becomes law, and Madigan acknowledged during floor debate yesterday that implementation likely would not move forward until courts rule on the constitutional issue.
