Illinois Pension cuts a giant first step

The Chicago Sun-Times reports:

Sweeping, radical change to the state's pension systems finally came to Illinois on Wednesday, an important first step toward pulling the state back from the brink of bankruptcy.

With unexpected speed, the House and Senate passed legislation that creates a two-tier pension system estimated to save the state up to $150 billion over 35 years. It features a new retirement age of 67 and significantly lowers pension benefits for most newly hired government workers, including teachers, university employees, legislators, state employees and municipal workers across the state. Gov. Quinn says he supports the bill.

The government only cuts when they have to.