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Wed December 5, 2012
Proposal Could Spur IL Pension Deal
Illinois lawmakers are bringing a new proposal on the table to fix the state’s multi-billion dollar pension crisis. Democratic Representative Elaine Nekritz and about a dozen other lawmakers are expected to announce new legislation today to repair Illinois' $95 billion pension liability. The plan calls for raising employee contributions and a tiered retirement age. It also would shift some of the costs for teachers' pensions to school districts.
Lawmakers haven’t been able to agree on how to fix the state’s pension crisis even though it’s among the worst in the U.S. It’s still uncertain whether Governor Pat Quinn and other legislators will support the legislation.