Illinois labor leaders pitch pension crisis plan

By WEEK Producer

May 6, 2013 Updated May 6, 2013 at 10:29 PM CDT

SPRINGFIELD, Ill. -- Illinois' labor union leaders have pitched a plan to address the nation's worst pension crisis.

While details of the proposal are limited, Senate President John Cullerton has offered his support.

A spokesperson for Cullerton tells the Pantagraph that the proposal would offer employees a choice between health insurance or cost-of-living increases.

The union plan comes just days after the Illinois House approved a measure sponsored by House Speaker Michael Madigan. This option would require public employees to pay two percent more toward their retirement benefits.

It would also reduce annual cost-of-living increases for retirees and raise the retirement age for workers under the age of 45.

The Senate will reconvene Tuesday.