The Illinois House has approved a stripped-down pension plan that could delay and reduce cost-of-living increases for retirees and future retirees.
The proposal says that no cost-of-living increases can be taken until retirees reach 67 or five years after retirement and applies COLAs only to the first $25,000 of an annual pension.
Springfield-area representatives Raymond Poe and Sue Scherer both voted against the proposal.
Critics contend that it represents an unconstitutional diminishment of promised pension benefits.
