12/03/2013 05:41 pm ET Updated Feb 02, 2014

Illinois Pension Reform Bill Approved By State Lawmakers

SPRINGFIELD, Illinois, Dec 3 (Reuters) - The Illinois House and Senate approved a long-awaited measure on Tuesday to reform the nation's worst-funded state public pension system.

The measure, championed by Democrat and Republican legislative leaders, passed the Senate in a 30-24 vote and the House in a 62-53 vote. The bill is expected to save Illinois about $160 billion over 30 years.