Illinois lawmakers continue to wrestle with the state's soaring pension costs. The General Assembly is set to adjourn Thursday, yet it remains unclear which, if any, of the various proposals to reduce pension costs will pass. Unions are fighting efforts that would reduce benefits for state workers, university employees, and public school teachers. But many lawmakers, including House Speaker Michael Madigan, say an overhaul is necessary. They point to Illinois' $83 billion unfunded pension liability that continues to grow. Madigan talks with Illinois Public Radio's Amanda Vinicky about his regrets in helping pass an early retirement package a decade ago that wound up adding to the state's pension expenses, and what he wants to do about it now. An in-depth synopsis of the current public pension reform proposal is available here from the State University Retirement System.
House Speaker Madigan Talks Pension Reform
