Springfield, Ill. (AP) -- The top
Republican in the Illinois House and the Democrats' chief pension-reform
negotiator are teaming up for another run at the state's retirement-fund
crisis.
Minority Leader Tom Cross and Democratic
Rep. Elaine Nekritz proposed a new fix Wednesday they say would reduce the debt
by $30 billion and eventually move the state away from funding teacher and
university professor pensions.
It's the latest twist on a problem that
has bedeviled lawmakers for more than a year. Decades of state underfunding has
left Illinois'
five pension accounts $96 billion short of what they need to cover all workers.
The new wrinkle would make public school
and university employees enter a system that includes a 401(k)-style plan and
negotiated contributions by the local employer.
The
bill is HB3411.
Online:
http://www.ilga.gov
