Report: Governor’s Pension Plan Could Cost More Than Current Setup
Illinois Gov. Pat Quinn's plan to reform the public pension system to save money would actually cost $95 billion extra over the next three decades.
Documents obtained by The Associated Press show Quinn would cut in half the amount of money the state would put into retirement systems for state employees in the next five years. But those short-term savings would be accompanied by much larger long-term costs.
The total cost would be $532 billion through 2045, up from $437 billion under the current pension plan.
Representatives of employees' unions and a legislative finance commission criticized the idea.
Quinn is trying to close an $11.6 billion deficit by raising income taxes and cutting spending. He has proposed lowering pension benefits for new employees to save money.