It's doubtful Illinois' pension crisis will be resolved soon.
Legislative leaders and the governor met Thursday, June 21 to discuss whether the state or local school districts should pay retirement costs for downstate and suburban teachers. The state picks up the tab now, but it doesn't pay for Chicago teachers' retirement benefits.
After the meeting, top lawmakers said they're going to spend five weeks studying school funding equality. Then they'll work on what to do about Illinois' hugely underfunded government pensions.
Illinois Governor Pat Quinn unveiled a plan to overhaul the pension system for state employees.
It would force state workers to choose between two plans, both of which would reduce their benefits.
If employees voluntarily go along with the governor's proposed changes, they would have to pay more into their retirement plans, work longer before they retire, and face reduced cost-of-living adjustments in retirement.