CHICAGO (AP) — The sponsors of a new proposal to fix Illinois' pension crisis say the plan would save the state $2 billion 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 and on an issue that could lead the state into "financial oblivion" if it isn't solved.
Illinois has the nation's most underfunded public employee pensions, with a shortfall of $95 billion.
The group of lawmakers was led by Democratic state Reps. Daniel Biss and Elaine Nekritz, but includes some Republicans.
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