Ill. lawmaker: Pension plan would save $2 billion

By: The AP
By: The AP

CHICAGO (AP) -- One of the sponsors of a new proposal to fix Illinois' pension crisis says the plan would save the state $2 billion next year.

Democratic state Rep. Daniel Biss is among a group of more than 20 rank-and-file lawmakers who pitched the plan early this month.

Illinois has the nation's worst pension problem, with an unfunded liability of $95 billion.

Biss said Friday the new plan would immediately cut that shortfall to $67 billion.

The proposal would reduce cost-of-living increases for employees and retirees and require workers to contribute more to retirement. It also would shift some costs for teacher pensions to local districts.

Lawmakers are expected to consider the plan, which has some Republican support, when they return to Springfield in early January.

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