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Gov. James Thompson has approved legislation sweetening the pension benefits for thousands of retired teachers and municipal employees. Passed by overwhelming margins in the General Assembly last week and signed by Thompson Friday, the measure will increase the liability of the already-underfunded 15 retirement systems by $389.8 million, with an annual increase of $66.2 million. The cost in the increased benefits for about 38,000 retired teachers covered in the state retirement plans will cost $41.8 million annually.
