Details are out on what the leaders of Illinois' General Assembly want to do to the state's retirement systems. They've released an outline of their deal.
After years of debate about what to do about the $100 billion dollars of unfunded liability Illinois has racked up for its pension systems, legislative leaders announced on Wednesday they had agreed to a deal. But they were tight-lipped about what all it involved.
That information has now been spelled out in a one-page overview, a memo passed out to members of the House and Senate.
Earlier this week, legislative leaders announced a deal to bring a pension overhaul before the full chambers. It is estimated to save $160 billion over the next 30 years. Illinois has the nation's most underfunded retirement systems.
On Friday, the leaders' staff sent around the memo below that highlights changes for public employee pensions. Lawmakers are expected in Springfield to vote on legislation Tuesday, December 3. Employee unions have already indicated opposition and if it passes, a legal challenge is likely.
House Speaker Michael Madigan says the vote on a pension deal will be ``very difficult'' when lawmakers gather for a special session next week. Madigan spoke to reporters Wednesday after legislative leaders said they agreed on a proposal that will help solve Illinois' $100 billion pension crisis.