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Illinois pension talks

By WEEK Reporter
December 5, 2012 Updated Dec 6, 2012 at 10:52 AM CDT

SPRINGFIELD, Ill -- A new plan was presented at the state capitol on Wednesday to fix the state's $95 billion pension problem.

 

State Democratic lawmakers presented the plan which calls for workers to contribute more money into their retirement fund and younger workers will spend more years on the job.

 

In addition, some school districts could pick up the costs of teacher pensions and there would also be a reduction in the cost of living increases for retirees.

 

Chicago area Democrat Elaine Nekritz was a co-sponsor of the bill.

 

"Pensions will be more sustainable and affordable," said Rep. Elaine Nekritz, Illinois District 57."There's a stronger guarantee that the state will make its payments going forward and there are additional revenues going into the funding."

 

The Illinois senate president John Cullerton says the new pension plan may violate the state's constitution which prohibits unilateral cuts to benefits.

 

He says the plan offered on Wednesday appears to do that.

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