It would also reduce annual cost-of-living increases for retirees and raise the retirement age for workers under 45.
Quinn says while there is time for lawmakers to decide on a plan before they adjourn for the summer, it’s important for them to act sooner rather than later.
“I think we should have the best bill. I think that’s what the legislature is addressing right now. I think I’ve given an outline of what addresses comprehensive pension reform. We must get this done for the good of our economy.”
Senate President John Cullerton's proposal would offer employees a choice between access to health insurance or the full cost-of-living increases. It passed the Senate Thursday afternoon.Illinois has nearly $100 billion in pension debt following years of state underfunding.