CHICAGO (AP) — Public employees cranked up pressure on lawmakers Wednesday to address Illinois' worst-in-the-nation pension problem, saying they'd be willing to contribute more money toward their retirements and plan to host a pension summit after the new Legislature is sworn in next month.

A coalition of unions released a study blasting two proposed pension overhauls and making recommendations to address the state's approximately $95 billion in unfunded liability. Their recommendations include closing tax loopholes to bring in an estimated $2 billion in revenue for the state.

The group, called We Are One Illinois, said union employees would be willing to put in 2 percent more of their salaries, which equals about $350 million, toward their retirements, if the state could guarantee that it would fully pay its pension obligations.

Complete your profile to continue reading and get FREE access to BenefitsPRO, part of your ALM digital membership.

  • Critical BenefitsPRO information including cutting edge post-reform success strategies, access to educational webcasts and videos, resources from industry leaders, and informative Newsletters.
  • Exclusive discounts on ALM, BenefitsPRO magazine and BenefitsPRO.com events
  • Access to other award-winning ALM websites including ThinkAdvisor.com and Law.com
NOT FOR REPRINT

© 2024 ALM Global, LLC, All Rights Reserved. Request academic re-use from www.copyright.com. All other uses, submit a request to [email protected]. For more information visit Asset & Logo Licensing.