The president of the Illinois Senate says he's backing a compromise pension reform plan that could save $138 billion by 2043.
Chicago Democrat John Cullerton says he's working to build support for the still-unfinished proposal being developed by a pension reform committee. Cullerton hopes lawmakers can begin to act on the plan during the upcoming October 22nd veto session.
The 10 member panel was formed this summer after lawmakers reached a stalemate on competing House and Senate pension plans. Cullerton had expressed concerns this spring over a plan supported by Democratic House Speaker Michael Madigan. He called the committee's proposal "less unconstitutional" than the Madigan-backed plan.
Illinois faces an unfunded pension liability of about $100 billion.
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