New pension plan proposed by Illinois lawmakers - WREX.com – Rockford’s News Leader

New pension plan proposed by Illinois lawmakers

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SPRINGFIELD (WREX) -

Lawmakers frustrated with the slow progress in pension reforms have proposed their own fix to the $95 billion in underfunding the state's pensions currently face.

Over twenty lawmakers, including Republicans, announced the plan during a press conference on Wednesday.

The proposed plan would force workers to give more to their retirement while reducing increases for cost of living for retirees. Other parts of the plan include school districts footing some costs for teacher pensions and younger employees having to work longer.

The plan also includes a guarantee that the state will meet its commitments when it comes to funding.

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