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Illinois Legislators Still Working On Pension Fix

Illinois State Capitol
Illinois State Capitol

Illinois legislators on a special pension committee met Friday in Chicago to try and come up with ideas to solve the states pension problems.

The conversations focused on giving state employees and teachers a new style of retirement plan much like a 401k.

Normally public sector workers, including in Illinois, who get "defined benefit" pension plans that guarantees a fixed payout.

Moving to a 401k could possibly save the state money and would give employees more control over their retirement saving.

Those plans are also subject to market ups and downs that their current plans are not.

This was an information meeting and no decisions were made.