Illinois reaches pension reform pact, political leaders claim

Illinois State Capitol
Illinois State Capitol

The four legislative leaders of the Illinois General Assembly reached an agreement on pension reform, confirmed Rikeesha Phelon, spokeswoman for Senate President John Cullerton.

Ms. Phelon said details of the plan would not be released until it was discussed with all of Illinois' state senators. Mr. Cullerton has asked senators to return to Springfield on Dec. 3.

The four leaders were Mr. Cullerton, House Speaker Michael Madigan, Senate Minority Leader Christine Radogno and House Minority Leader Jim Durkin.

Gov. Pat Quinn commended the leaders on reaching a deal.

“When I proposed the creation of a conference committee in June, I asked members to draft a plan that eliminated the unfunded pension debt and fully stabilized the systems, and this plan meets that standard,” Mr. Quinn said in a news release.

Illinois state pension funds have about $100 billion in unfunded liabilities and a funding ratio of about 40%, the worst in the nation.