Springfield - Public employee unions say they'll sue if Governor Pat Quinn signs a pension overhaul measure Illinois lawmakers approved on Tuesday. They say it violates a provision of the state constitution that prohibits cutting pension benefits. Quinn says the bill is necessary for the economic good of the state and he thinks the courts will see it that way, too.
Those in favor of the bill acknowledged it's not perfect, but workable.
"Based on the actuarial analysis as prepared by the (pension) systems, we estimate that this proposal will save the state approximately$160B over the next 30 years. This bill is a well-thought out, balanced bill that deserves support," Speaker of the House Michael Madigan said.
Without reform, state's unfunded pension liability is a staggering $100B in the hole.
The bill passed the Illinois House by a vote of 62 yes votes and 53 no votes. In the Illinois Senate, it passed by 30 yes votes and 24 votes.