Politics
3:17 pm
Thu May 9, 2013

Quinn speaks on Madigan’s pension plan

Governor Pat Quinn says House Speaker Michael Madigan's pension-reform plan is “comprehensive” and deserves a vote in the Senate.  The House approved Madigan’s measure last week. It would require employees to pay two-percent more toward retirement benefits. 

 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.