Four Legislative Leaders Strike Deal on Pension Reform

by Stefano Esposito and Kate Grossman, Chicago Sun-Times

The four legislative leaders have struck a tentative deal on solving Illinois’ $100 billion pension crisis, the top Republicans in the House and Senate confirmed Wednesday.

“We have a deal,” House Minority Leader Jim Durkin, R-Western Springs, told reporters at the Bilandic Building, where leaders met Wednesday morning.

No details were offered by either him or Senate Minority Leader Christine Radogno, R-Lemont, but Durkin said a vote is expected next week.

“That’s our hope,” he said.

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According to the Chicago Sun Times and Capitol Fax, the four legislative leaders have struck a tentative deal on “Pension Reform”:

Three elements are

·         Change to the COLA

·         Defined Contribution Plan

·         Adjustment to the Retirement Age

Vote is expected next week as both House and Senate will be in session on December 3, 2013.

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"House Speaker Michael Madigan's staff is putting together an 'explanatory memo' for lawmakers and will send details of the proposed legislation to them Friday, said Madigan spokesman Steve Brown. The Illinois House and Senate will consider the measure in a special session, which has been set for Dec. 3."

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