Illinois Senate President Backs $138 Billion Pension Plan
The president of the Illinois Senate says he's backing a compromise pension reform plan that could save $138 billion by 2043.
Chicago Democrat John Cullerton tells The (Springfield) State Journal-Register that he's working to build support for the still-unfinished proposal being developed by a pension reform committee. Cullerton hopes lawmakers can begin to act on the plan during the upcoming Oct. 22 veto session.
The 10-member panel was formed this summer after lawmakers reached a stalemate on competing House and Senate pension plans. Cullerton had expressed concernsthis spring over a plan supported by Democratic House Speaker Michael Madigan.
It would have saved the state $163 billion.
He called the committee's proposal "less unconstitutional'' than the Madigan-backed plan.
Illinois faces an unfunded pension liability of about $100 billion.
Links
- Pension Conference Committee Progress Report
- Pension Panel Could Be Nearing Agreement
- Madigan Pension Fix Would Save Less Than Estimated
- Quinn Says Pension Panel’s Framework Is ‘Positive’
- Possible Pension Fix Could Save Illinois $145B
- Former Gov. Edgar Weighs In On Pension Mess
- Study: University Pension Proposal Hurts Retirees
- Sen. Brady Addresses Pensions, Gov’s Race In Champaign
- Same-Sex Partner Ruling Raises Pension Issues
- Illinois Legislative Committee Nearing Pension Compromise
- Could Other Illinois Schools Face CPS Pension Problems?
- Pension Committee Meets This Week