Illinois retirees

State News
7:03 am
Wed May 22, 2013

Analysis: little savings in union-backed pension overhaul proposal

A state pension overhaul backed by government employee unions may save only half of what advocates had promised.  That underscores an ongoing battle between the House and Senate over pensions, with only ten days left in the legislative session.  IPR'S Amanda Vinicky reports. 

There's general agreement on this much: that Illinois' public pension systems have $100 billion dollars in unfunded liabilities.  That's a fancy word that *basically* means "debt." It's a big number that's getting Illinois in trouble with bond houses and eating into the state's budget. And the House and Senate have different plans on how to drive that number down.

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