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Madigan’s Pension Overhaul Fails in Senate

State Senators have overwhelmingly defeated House Speaker Michael Madigan’s pension overhaul proposal on a 16-42 vote.

Senate Democrats prefer Senate President John Cullerton’s plan, which he says would survive a court challenge because it offers beneficiaries a choice of which benefits they’d like to lose.

The plan purports to save $97 billion through a series of benefit cuts and increased contributions. It’s unclear what the future of the Senate President’s plan is. The session is scheduled to adjourn Friday at midnight.