New proposal could help spur Illinois pension deal

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by SARA BURNETT

Associated Press

Posted on December 5, 2012 at 8:38 AM

SPRINGFIELD, Ill. (AP) -- Lawmakers will have a new proposal on the table Wednesday as part of efforts to fix Illinois’ multibillion-dollar pension crisis.

Democratic Rep. Elaine Nekritz and about a dozen other lawmakers are expected to announce new legislation aimed at reducing the state’s $95 billion pension liability.

The plan calls for raising employee contributions and a tiered retirement age. It also would phase in a plan to shift some of the costs for teachers’ pensions to school districts.

Illinois’ pension crisis is among the worst in the nation, but lawmakers have been unable to agree on legislation needed to fix it.

It remains to be seen whether Gov. Pat Quinn or legislative leaders will support this new proposal.

 

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