The Illinois Senate has passed a pension overhaul, but it only affects suburban and downstate teachers. It doesn't touch state employees' and university workers' retirement benefits.
The measure was approved by the Illinois Senate and forces teachers to choose between taking a reduced pension, or retaining access to state-backed health care upon retirement.
It took two tries, passing only after Democratic Senator Dave Koehler of Peoria switched his vote.
Illinois’s ballooning pension costs coupled with dwindling revenue from professional fees are what’s behind a proposed $1.2 million funding cut for the School of Pharmacy at Southern Illinois University Edwardsville.
Gov. Pat Quinn proposed the cut for SIUE along with schools of pharmacy at Chicago State University and the University of Illinois at Rockford.
Updated 12:41 p.m.
Illinois is settling a federal securities-fraud charge that it misled investors about the health of its pension system.
Gov. Pat Quinn's office said Monday that the state has agreed to settle the Securities and Exchange Commission case. The SEC said in a news release that Illinois admitted no wrongdoing but has made more complete disclosures since 2009.
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