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Possible Deal To Solve Illinois Pension Problem


It appears that there is a deal to solve the enormous Illinois pension problem.

Now it will be up to the House and Senate to approve the deal when they meet in Springfield Tuesday, Dec. 3.

Gov. Pat Quinn praised the package, saying it would meet his goal of eliminating the state's $100 billion long-term pension debt.

The plan is said to tie increases in pension payments to inflation, raise the retirement age, at least for younger workers who are earlier in their government careers, and includes an option for a 401-k style retirement plan.

There would be less taken from paychecks to pay for the benefits.

Some lawmakers say it goes too far -- unions are slamming it as unconstitutional; others say it doesn't go far enough.