The Illinois House is poised to vote Thursday, May 2, on an overhaul of the state's pension systems. It would reduce state workers', teachers', and university employees' future retirement benefits.
The plan easily advanced out of a House committee Wednesday, and there is a feeling in the capitol that after countless attempts to reduce the state's pension debt, this might be the plan that does the trick.
Insiders say it's significant that the plan is sponsored by House Speaker Michael Madigan (D-Chicago), who rarely takes action without having support locked up.
Most Illinois House members recently backed a measure to limit the salary on which public employees’ retirement benefits could be based. One of a few proposals to address the state’s $96 billion pension shortfall, it was seen as a test vote as lawmakers grapple with some way to make good on years of the legislature failing to make its payments.