Senate committee to debate Cullerton's plan for pension reform
SPRINGFIELD, Ill. -- An Illinois Senate committee is set to hold a hearing Wednesday on a union-backed approach for dealing with Illinois' nearly $100 billion pension crisis. The measure gives workers and retirees a choice of benefit packages, but critics say it wouldn't save enough money to properly address Illinois' worst-in-the-nation pension shortfall.
Senate President John Cullerton is behind the proposal, a measure he says will save the state $46 billion.
AFL CIO President Michael Carrigan says the plan is constitutional and gives workers and retirees a choice of benefit packages.
They are opposing House Speaker Michael Madigan's plan, which was passed by the house and supported by Governor Quinn.
Madigan's plans calls for higher pension contributions from employees and limits on how much in pension benefits retirees are allowed to collect.