Madigan: Vote on State Pension Reform Will Be Held
A vote on a bill to overhaul pensions for state employees will go ahead at the Illinois Legislature's special session this month.
The (Springfield) State Journal-Register reports that House Speaker Michael Madigan has decided to allow the vote on Aug. 17.
The House bill, however, doesn't address the thorny issue of shifting pension costs for public school teachers from the state to school districts. That's a key component of Gov. Pat Quinn's proposals. Instead, it would only change pensions for two of the state's five retirement systems.
The bill already passed in the Senate.
Illinois faces at least $83 billion in unfunded pension liability, and credit rating agencies have threatened to lower the state's rating unless lawmakers ease the strain on the budget.