The state’s highest court is ready to hear arguments about changes to the state’s pension system under former Governor Pat Quinn. And eventually it might be another court battle over a second way to close the hundred billion dollar pension budget gap.
House Speaker Mike Madigan says as he sees it, the plan is a reduction of benefits and he isn’t comfortable with spending that expected savings in next year’s budget.
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Governor Bruce Rauner proposed yesterday to take all current workers this summer move them into the Tier 2 Pension plan. In effect freezing benefits earned over the previous formula that had determined retirement benefits. Rauner says this year that will save the state $2.2 billion.