SPRINGFIELD, Ill. (AP) — Illinois Gov. Pat Quinn will propose that workers who get state pensions pay more toward their retirement and accept more modest cost-of-living increases when he lays out ideas Friday for cutting an $85 billion funding problem in the pension system, lawmakers said.
The Democrat confirmed Thursday that he will roll out his plan on the heels of another major budget-relief announcement on Medicaid health programs. He wouldn't comment on what the pension announcement includes.
But legislators on a committee assigned to suggest fixes to the severely underfunded retirement program said they were told Quinn wants workers to put more of their paychecks toward their nest eggs, though they wouldn't provide specifics. The plan will also call for an adjustment to cost-of-living increases for retirees.
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