Senate committee advances two pension overhaul proposals
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SPRINGFIELD, Ill. (Associated Press) -
An Illinois Senate committee has advanced two similar proposals to address Illinois' worst-in-nation pension problem.
One plan sponsored by Sen. Daniel Biss replicates part of a previous plan that delays cost-of-living increases, pushes back the retirement age for some and calls for more employee contributions. The Senate Executive Committee approved it Wednesday 11-4.
The other sponsored by Senate President John Cullerton echoes the plan. But it contains a backup plan if deemed unconstitutional. The plan combines provisions from a Senate-approved measure along with increased contributions and some reduced benefits. Gov. Pat Quinn supports it. The committee approved it 11-3.
The votes send both plans to the Senate floor.
Opponents claim neither is constitutional and some say Cullerton's doesn't save enough money.
Illinois has nearly $100 billion in unfunded pension debt.
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