SPRINGFIELD - UPDATE 3x: Illinois House and Senate met and adjourned shortly thereafter to caucus. The House is scheduled to regather at 12:30 PM.
UPDATE 2x: The pension committee hearing is dismissed, and Senator Kwame Raoul said SB 1 will be taken up in both the Senate and the House at 11:00 am. Speaker Madigan says the bill will pass the Democrat majority House; Senator Cullerton missed hearing to twist arms in the Illinois Senate.
Republican and Democrat leaders are now presenting their pension plan to a joint committee at the Capitol. If the bill passes this committee Tuesday morning, the bill may be voted on simultaneously in both the Senate and House afterwards. Those on the presentation panel include State Rep. Jim Durkin, State Senator Christine Radogno, State Senator Heather Steans and House Speaker Mike Madigan.
UPDATE: House Speaker Mike Madigan testifies in favor of SB 1, saying the pension has become "too rich" and unaffordable: