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Thu February 28, 2013
Cullerton on Board with Illinois House Pension Fix
Illinois Senate President John Cullerton is on board with the newest Illinois House pension solution plan. Spokeswoman Rikeesha Phelon says the Chicago Democrat plans to amend his proposed pension fix with language from a bipartisan House plan announced yesterday. But Cullerton would retain other provisions he says would ensure the plan's constitutionality.
House Republican Leader Tom Cross and Democratic Representative Elaine Nekritz say their plan would reduce the state retirement systems' $96 billion debt by 30 percent and eventually move the state away from funding teacher and university professor pensions.
The new twist would make public school and university employees enter a system that includes a 401(k)-style plan and negotiated contributions by the local employer.