Overcast and Breezy
66°FOvercast and BreezyFull Forecast

Pension deal uncertain as Ill. veto session nears

Published: Thursday, Oct. 3, 2013 3:00 p.m. CDT

SPRINGFIELD (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.

Copyright 2015 The Associated Press. All rights reserved. This material may not be published, broadcast, rewritten or redistributed.

National video



Reader Poll

Have you traveled to Nachusa Grasslands to see the bison herd yet?
Yes
Not yet, but I plan to go sometime
No, and I don't plan to go