Finance

Illinois Lawmakers Miss Governor's Deadline for Pension Reform

State lawmakers on Wednesday made official what they had been hinting at for weeks: They won't have a pension reform proposal to vote on by Gov. Pat Quinn's Tuesday deadline, but are making small steps toward a possible compromise.
July 5, 2013

State lawmakers on Wednesday made official what they had been hinting at for weeks: They won't have a pension reform proposal to vote on by Gov. Pat Quinn's Tuesday deadline, but are making small steps toward a possible compromise.

The panel of lawmakers, appointed to broker a solution for a public pension system nearly $100 billion in debt, agreed to take a closer look at a proposal that didn't surface until the end of the spring legislative session as they were focused on two more prominent plans.

The third measure, supported by university presidents, would require workers to pitch in an additional 2 percent of their paychecks toward their pensions, which would be phased in over four years. It would also tie annual cost-of-living increases to one-half the rate of inflation instead of the current compounded 3 percent yearly increase.

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