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Madigan Says Pension Vote Tough

Wed, 27 Nov 2013 13:29:36 CST
By: AP

House Speaker Michael Madigan says the vote on a pension deal will be "very difficult" when lawmakers gather for a special session next week. Madigan spoke to reporters after legislative leaders said they agreed on a proposal that will help solve Illinois' $100 billion pension crisis. The Chicago Democrat says the proposal will save roughly $160 billion over 30 years. It includes pushing back the retirement age. Madigan says the plan would replace the current 3% annual compounded cost-of-living increase that retirees receive with one that is equal to the inflation rate. That's instead of cutting the increase to half the inflation rate, which was a sticking point. Madigan says he reached out to leaders in final days to forge the agreement. Lawmakers are expected Tuesday in Springfield.

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