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Fri October 4, 2013
IL Pension Deal Uncertain As Veto Session Nears
A proposed solution to Illinois' historic $100 million pension crisis is hanging in the balance as the state Legislature's October veto session approaches.
Key Democrats on a pension panel are pushing a plan to save the state $138 billion over the next 30 years, but Republican lawmakers want a number of changes.
House Speaker Michael Madigan hasn't yet committed to calling the proposal for a vote, either. Senate President John Cullerton supports the deal and calls it "less unconstitutional" than a previous plan that would have saved $163 billion.
The annual contribution to the fund, plus payments on past pension bonds, is about $7 point 65 billion this year. That number will increase in years to come without action.