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Pension bill will advance to House floor

November 8, 2011

State Pension & Budget UpdateThe House Personnel and Pension Committee endorsed SB 512 on a 5-4 vote Tuesday evening, sending the bill to the House floor for consideration.

The bill would create three different “tiers” of pension benefits and costs, some of which would compel employees to pay significantly more; another that would offer reduced benefits; and a third option similar to a corporate 401(k) plan.

House Republican leader Tom Cross, a sponsor, criticized the unions for not offering an alternative while acknowledging the state has a pension problem.

NIU legislative liaison Lori Clark represented the university at the hearing, submitting a formal objection to the bill.

More information can be found on the NIU State Pension and Budget Update website.