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Pension reform for Illinois

Senate President John Cullerton says he'll introduce a new pension proposal today.  He says this proposal will be nearly identical to the bill the Senate passed last May, which gave workers the option to keep their cost of living adjustments now and forego free health care in retirement or reduce their COLA's now and keep health care.  The Teachers Retirement System and the University Employee Retirement System were left out of the original bill because of the cost shift proposal, but Cullerton says those two systems will be included in a new bill.  Any new pension plan will start from scratch today because a new general assembly is being sworn in. 


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