The leading Senate Democrat is willing to go along with pension reform that is estimated to save taxpayers $1 billion a year.
Last week, Governor Bruce Rauner came out with a pension reform plan he said jived with Senate President John Cullerton’s idea to give employees choices between a reduced cost of living increase while raises are included in pensions or not including raises in pension and allowing for the 3% compounded cost of living allocation. Rauner also said he wants to take raises out of collective bargaining. Cullerton quickly stated that wasn’t in his bill.
Monday, Cullerton clarified his stance.
The Chicago Democrat said he talked with the governor Monday and there is an agreement on the language that lawyers are working out, but the next big hurdle is to work towards passage.
Cullerton also says he expects the proposal that would give state employees options in what would or would not be considered pensionable in exchange for adjusting cost of living increases will be opposed by unions.
Illinois taxpayers are on the hook for nearly $113 billion in unfunded pension liability.
(This story appears courtesy of the Illinois News Network.)