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Speaker Not Comfortable With Proposed Pension Plan

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.

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