Illinois’ four legislative leaders are reporting they have struck a tentative deal on solving Illinois’ $100 billion pension crisis, the top Republicans in the House and Senate confirmed with the Chicago Sun-Times Wednesday.
House Minority Leader Jim Durkin, R-Western Springs, told reporters they have a deal, noting the four leaders have reached an agreement, and are going to speak to the membership and try to secure votes. He didn’t offer details.
No details were offered by either Durkin or Radogno, but he said a vote is expected next week.
House Speaker Michael Madigan said it’s going to be a very difficult roll call, and that the unions are going to be against the bill.
Without offering specifics, Durkin identified three elements to the package, including a change to the COLA, a defined contribution plan and an adjustment to the retirement age. He says they all want to avoid another credit downgrade.
Senate Minority Leader Christine Radogno, R-Lemont, would not immediately address how much the bill would save, though the leaders were believed to have been focusing on a target of between $150 billion and $160 billion over 30 years at a late stage in negotiations. Radogno would only say it’s a substantial savings..