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Pension Deal Uncertain As Veto Session Nears

Thu, 03 Oct 2013 16:31:53 CDT
By: AP

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. Illinois' five public-employee retirement funds have an unfunded liability of about $100 billion. The annual contribution to the fund, plus payments on past pension bonds, is about $7.65 billion this year. That number will increase in years to come without action.

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