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Thu May 31, 2012
Madigan drops effort to shift pension costs
Illinois House Speaker Michael Madigan says he's dropping his proposal to make state schools and colleges pay employee retirement costs.
Madigan says he reached the decision after Governor Pat Quinn asked him to set the idea aside. House Republicans had balked at shifting pension costs, and the issue threatened to derail other efforts to reduce the state's annual pension contribution. Madigan says he's handing the pension bill over to Republican leader Tom Cross. Madigan’s decision appears to clear the way for a plan to cut pension costs by reducing annual cost-of-living increases for retirees.