Proposed pension fix won't include cost shift to local school districts
5 months, 1 week ago
Quinn said one of the most controversial proposals to fix the state's massive pension debt is temporarily off the table
Illinois Gov. Pat Quinn said Friday one of the most controversial proposals to fix the state's massive pension debt is temporarily off the table.
Quinn and some legislators have supported a so-called cost shift, which would require local school districts to pick up the tab of their own teacher's pensions.
Many Republican legislators have opposed that plan, saying it would force local property taxes to go up.
Teachers' pensions are one of the biggest contributors to the state's $95 billion pension debt.
Steve Brown, a spokesman for House Speaker Michael Madigan said lawmakers will meet on Saturday to discuss the details of a compromised bill that would not include the cost shift. Brown said the cost shift is a way to end the extraordinary amount of money the state spends on teacher pensions, but, “We need to try to pass what we can pass.”
Brown said bipartisan support is needed to pass the kind of pension reform needed to be effective.