Pension reform-minded lawmakers help present a new reform bill that they think can solve Illinois' billion dollar pension crisis.
They joined the Illinois Policy Institute, non-partisan research organization, to present a reform plan. The proposal would immediately cut the state's $100 billion dollar pension liability by nearly half. According to the bill, it would save Illinois more than $221 billion over the next 30 years. Supporters say it's also constitutional because it protects benefits already earned.
Going forward, current and future government workers would earn retirement benefits in a self-managed, 401(k)-style system.
State Senator, Jim Oberweis, (R) Sugar Grove says, "...Illinois must end its dependence on the defined benefit pension system and follow the lead of the private sector, by converting its retirement system to 401(k)-style plans."
The proposal also ends the repayment ramp.
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