From AP - News Local/State -

Illinois Senate President Backs $138 Billion Pension Plan

John Cullerton

In this Jan. 3, 2013 photo, Illinois Senate President John Cullerton, D-Chicago, speaks at the Illinois State Capitol in Springfield. (Seth Perlman/AP)

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 tells The (Springfield) State Journal-Register that 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 Oct. 22 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 concernsthis spring over a plan supported by Democratic House Speaker Michael Madigan.

It would have saved the state $163 billion.

He called the committee's proposal "less unconstitutional'' than the Madigan-backed plan.

Illinois faces an unfunded pension liability of about $100 billion. 

Categories: Economics, Government, Politics