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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.
SPRINGFIELD, Ill. (AP) - A union-backed alternative for fixing the Illinois pension crisis gets a test vote Wednesday afternoon in Springfield.
A Senate committee is holding a hearing on the measure giving workers and retirees a choice of benefit packages. Senate President John Cullerton says it saves money and would survive a legal challenge.
Critics say it won't save enough money.