Illinois pension plan could save state billions (AP / The Southern Illinoisian)

December 21, 2012 – The sponsors of a new proposal to fix Illinois’ pension crisis say the plan would save the state $2 billion next year and reduce its unfunded liability by $30 billion next year — figures they hope will improve the plan’s chances at the state capital. More than 20 rank-and-file legislators pitched the plan earlier this month, saying they were frustrated by finger-pointing and a lack of progress on the state’s $96 billion pension crisis. Illinois’ under-funding of public pensions is generally considered the worst among the states. Democratic state Reps. Daniel Biss and Elaine Nekritz began work on the plan, currently filed as House Bill 6258, and say they have recruited both Democrat and Republican supporters, with even more legislators indicating they might come on board.

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