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Pension Committee Working Against Deadline

Mon, 08 Jul 2013 16:52:55 CDT
By: AP

A bipartisan committee of lawmakers tasked with finding a solution to the state's $97 billion pension problem is meeting for the third time at the state Capitol this afternoon.
Representatives of the state's retirement systems and West Chicago Republican state Rep. Mike Fortner are scheduled to speak. Fortner introduced a plan this spring that would require bond payments to be redirected to the state's pension fund and would increase employee contributions and cap benefits. State Rep. Elaine Nekritz says the committee will likely send a proposal supported by university presidents off for a financial analysis. The panel was formed after lawmakers failed to reach agreement last month during a special session dealing specifically with pensions. Illinois' nearly $100 billion unfunded liability is the worst in the nation.

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