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A rally has been held in Portsmouth as teachers, court staff and coastguards protested about future pension changes.
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"The proposed changes to future pension provision and other employment terms are necessary to derisk the company and help achieve long-term sustainability.
Furthermore, there is compelling evidence that individuals adjust private voluntary savings in response to the expected future pension benefits, which inevitably translates to changes in the wealth inequality.
Pension changes in member countries since the early 1990s have already helped to cut estimated future pension payouts by 20 percent on average, the report said.
The pension changes approved by the Legislature, which include lower pension benefits for future public workers, were more modest than those initially proposed by Mr. Cuomo.
He called on lawmakers to enact pension changes "by July 9, so we can stop the bleeding, prevent future downgrades and jump-start Illinois's economy".
What about pension changes?
Future pension benefits will be reduced sharply.
Delphi's future pension obligations alone are valued at $8.5 billion.
Janitorial services were outsourced, eliminating the future pension cost burden.
The pension changes approved today are cautious.
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