The estimated savings on a pension proposal backed by Illinois House Speaker Michael Madigan is nearly $25 billion less than originally thought. That's because the Teachers Retirement System — one of Illinois' five pension systems — says it made a mistake in its calculations. The change was outlined yesterday in a letter to the panel tasked with solving Illinois' nearly $100 billion pension crisis.
Madigan's plan involves across-the-board cuts in benefits. It was originally touted to save Illinois $187 billion over 30 years. However, the new estimate is closer to $163 billion. A Union backed plan from Senate President John Cullerton was estimated to save roughly $47 billion over the same timeframe.