Governor Pat Quinn signed his number one priority, historic but controversial pension reform legislation Thursday, just two days after the Illinois General Assembly passed the measure. Under the new law, there will be no reductions in the pension checks going out to current retirees. The law will also minimize the impact on the lower earning, longer serving employees. There will continue to be cost of living adjustments however they will grow at a slower rate. Under the new law, current active employees will see COLA pauses every other year upon retirement, with the number of pauses determined by current age. The law also reduces the amount of money current employees pay into their pensions by one percent. State unions have already threatened to file suit against the new law once the governor signs, challenging its constitutionality.
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