Spent my afternoon watching the Illinois State legislature debate and pass a pension reform bill that will cut my benefits by quite a bit over time. they have cut a 3% cola that is supposed to be compounded annually to about 1% that is not compounded. There were lots of other changes for current employees.

This was passed by a democratically controlled house and senate and is supported by our democratic governor. Once he signs the bill it will be immediately challenged in the courts. Many legislators (both those voting for and against) do not feel it will be upheld in the courts. Our state constitution says they cannot diminish pension benefits for current employees and retirees.