CHICAGO (AP) - A spokesman for House Speaker Michael Madigan says legislative leaders have reached a deal to solve the state's $100 billion pension crisis.
Steve Brown says he was told of the agreement following a leaders meeting Wednesday.
Brown says the speaker's staff is putting together an "explanatory memo" for lawmakers and will send details of the proposed legislation to them Friday.
The leaders have been working with a proposal developed over the summer and autumn by a bipartisan committee of lawmakers. The committee plan would save the state $138 billion over 30 years.
The state's pension crisis, deemed the nation's worst, comes after lawmakers have shorted or skipped payments to its public pension funds for decades.
Both the House and Senate are being called back to meet in Springfield Dec. 3.
SPRINGFIELD, Ill. (AP) - The estimated savings on a pension proposal backed by Illinois House Speaker Michael Madigan earlier this year is nearly $25 billion less than originally thought.
That's because the Teachers Retirement System - one of Illinois' five pension systems - says it made a mistake in its calculations. The change was outlined in a Monday letter to a bipartisan panel tasked with coming up with an approach to solving Illinois' nearly $100 billion pension crisis.
Madigan's plan involves across-the-board cuts in benefits. It was originally touted to save Illinois about $187 billion over 30 years. However, the new estimate is about $163 billion in the same time period.
Another plan from Senate President John Cullerton, which had union support, was estimated to save roughly $47 billion over the same timeframe.