Illinois pension fix would offload teacher retirement - FOX 10 News | fox10phoenix.com

Illinois pension fix would offload teacher retirement

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SPRINGFIELD, Ill. (Associated Press) -

The top Republican in the Illinois House and the Democrats' chief pension-reform negotiator are teaming up for another run at the state's retirement-fund crisis.

Minority Leader Tom Cross and Democratic Rep. Elaine Nekritz proposed a new fix Wednesday they say would reduce the debt by $30 billion and eventually move the state away from funding teacher and university professor pensions.

It's the latest twist on a problem that has bedeviled lawmakers for more than a year. Decades of state underfunding has left Illinois' five pension accounts $96 billion short of what they need to cover all workers.

The new wrinkle would make public school and university employees enter a system that includes a 401(k)-style plan and negotiated contributions by the local employer.

The bill is HB3411.

Copyright 2013 The Associated Press. All rights reserved. This material may not be published, broadcast, rewritten or redistributed.

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