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.
The bill is SB1