Cullerton supports $138 billion pension plan
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.