Illinois' supreme court overturns state's 2013 pension reform law

Reuters News
Posted: May 08, 2015 12:14 PM

NEW YORK (Reuters) - Illinois' supreme court has overturned the state's 2013 pension reform law, according to a copy of the decision.

Illinois' reform law, enacted in December 2013, reduces and suspends cost-of-living increases for pensions, raises retirement ages and limits salaries on which pensions are based.

The state has the worst-funded pension system and the lowest credit ratings of all 50 states and contends pension costs are making it difficult to fund services such as healthcare and public safety.

(Reporting by Megan Davies)