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Madigan: Pensions overhaul is 'balanced' bill

Published: Tuesday, Dec. 3, 2013 2:00 p.m. CDT

SPRINGFIELD (AP) — House Speaker Michael Madigan says a major pension overhaul is a well thought out and balanced bill that deserves the support of the chamber.

The Chicago Democrat opened debate Tuesday on legislation aimed at solving Illinois' nearly $100 billion pension crisis.

The bill is estimated to save $160 billion over thirty years. It calls for pushing back the retirement age on a sliding scale and would cut benefits for workers and retirees.

Several unions have opposed the bill calling it unfair and unconstitutional.

However, Madigan says it's not a one-sided bill and the changes are needed.

He says state resources that could be used for other things have been going toward pensions.

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The bill is SB1

Online: http://www.ilga.gov

Copyright 2014 The Associated Press. All rights reserved. This material may not be published, broadcast, rewritten or redistributed.
 

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