The leaders of the Illinois General Assembly are working on a deal to end the state's pension crisis after months of political wrangling have failed to produce a solution.
Word of a deal to close the state pension fund's $100 billion unfunded liabilities gap came from Senate Minority Leader Christine Radogno, R-Lemont, during a radio interview with Illinois Public Radio.
Radogno said that under the framework being discussed, employees would pay less into the fund (about a 1 percent reduction), but many would receive smaller payouts when they retired. The reductions would be determined by a complicated formula that is not finalized. Annual automatic cost of living adjustments would be eliminated.
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