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NOVEMBER 27, 2013

Word broke midday Wednesday that the four legislative leaders agreed to a pension deal that will reduce cost-of-living adjustments, raise retirement ages, expand 401(k)'s throughout the state's retirement systems, and potentially other pension cuts. Leaders have said specific details will not be available until Friday, November 29.

While awaiting details, the We Are One Illinois coalition responded with the following press statement:

“Unions representing hundreds of thousands of public employees and retirees were not included in the leaders’ talks. If their new plan is in line with what’s been reported from earlier discussions, then it’s an unfair, unconstitutional scheme that undermines retirement security.

"It’s no compromise at all with those who earned and paid for their retirement benefits. In fact, reports suggest the leaders have repackaged Senate Bill 1 and barely bothered to disguise it. On top of this, by expanding 401(k) plans, the leaders will further jeopardize retirement security for the vast majority of public employees and retirees who are not eligible for Social Security.

“If their bill resembles SB 1, we will urge lawmakers to reject it and continue to fight to protect the hard-earned life-savings of Illinois public servants as well as the sanctity of the state’s constitution.”

Earlier this year, the We Are One Illinois coalition negotiated a plan that would save the state $140 billion. Despite bipartisan, large majorities in both chambers, the bill was never called for a vote in the House.

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