Illinois lawmakers approved a pension overhaul Tuesday. The Senate passed the plan 30 - 24, and the House approved it on a 62 - 53 vote. Governor Pat Quinn has indicated he will sign this bill, which is intended to save $160-billion over the next three decades.
House Speaker Michael Madigan talked to reporters about pensions during the end of the spring legislative session; he and Senate President John Cullerton were at odds then over how to deal with the state's underfunded retirement systems.
Earlier this week, legislative leaders announced a deal to bring a pension overhaul before the full chambers. It is estimated to save $160 billion over the next 30 years. Illinois has the nation's most underfunded retirement systems.
On Friday, the leaders' staff sent around the memo below that highlights changes for public employee pensions. Lawmakers are expected in Springfield to vote on legislation Tuesday, December 3. Employee unions have already indicated opposition and if it passes, a legal challenge is likely.
Employee councils from NIU co-hosted a forum Wednesday, which included several area state lawmakers. The event was viewed as an opportunity for NIU faculty to offer their thoughts as the General Assembly continues to explore how to fix Illinois' troubled pension system.