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Pension deal uncertain as Ill. veto session nears

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

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 2016 The Associated Press. All rights reserved. This material may not be published, broadcast, rewritten or redistributed.

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