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Work Continues On Illinois Pension Program

Illinois State Capitol
Illinois State Capitol

Legislators writing an overhaul of the state's pension systems could be nearing the end of their work. 

A draft of a pension plan drawn up by a bipartisan legislative committee has been leaked.

It appears that few if any like it, so it is probably a good compromise.

Unions hate it, saying it overreaches in cutting retirement benefits, while business groups say it does not go far enough to save the state money.

The leaked plan is not the final version.

Under the proposal, state employees', teachers' and public university workers' pensions would still get cost-of-living increases, but instead of going up 3-percent automatically each year, it'd be a fraction of the consumer price index.

Employees would also have less taken out of every paycheck for pensions.

Officials say that they want to hear any thoughts that the public might have.