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updated: 10/4/2013 7:47 AM

Cullerton supports $138 billion pension plan

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  • John Cullerton

    John Cullerton

Associated Press

SPRINGFIELD -- The president of the Illinois Senate says he's backing a compromise pension reform plan that could save $138 billion by 2043.

Chicago Democrat John Cullerton tells The (Springfield) State Journal-Register that he's working to build support for the still-unfinished proposal being developed by a pension reform committee. Cullerton hopes lawmakers can begin to act on the plan during the upcoming Oct. 22 veto session.

The 10-member panel was formed this summer after lawmakers reached a stalemate on competing House and Senate pension plans. Cullerton had expressed concerns this spring over a plan supported by Democratic House Speaker Michael Madigan. It would have saved the state $163 billion.

He called the committee's proposal "less unconstitutional" than the Madigan-backed plan.

Illinois faces an unfunded pension liability of about $100 billion.

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