The Illinois House Personnel and Pensions Committee passed Speaker Michael Madigan's plan 9-1 Wednesday. It will move to the floor for a vote and needs Senate approval too.
Standard & Poor's has lowered Illinois' credit rating due to concern over the state's failure to address its $96 billion pension fund deficit, becoming the second ratings agency to do so.
Another issue hung over the state's head is its pensions; more money was promised than available to distribute. But, a new investigation from the Better Government Association took a closer look at one group that continued to make out nicely upon retirement.
