Illinois' House Speaker told a bipartisan legislative committee that the state's pension systems are ``just too rich'' to be afforded in the future. Madigan is a Chicago Democrat and the state's longest-serving House Speaker. He says Tuesday that a $160 billion reform proposal was designed to keep long-term low-income workers in mind.
This morning, legislators on a special, bipartisan panel formed to reach a compromise on Illinois' pension situation will once again meet in Springfield. Already, most of the committee's members have signed off on a deal. Beyond that, the measure's fate is uncertain.
A Christmas tree and other holiday decorations bring a festive spirit to the capitol on Monday -- today the statehouse will be bustling during last-minute negotiations ahead of a landmark pension vote.
Illinois legislators will be asked today (12/3) to take what many say could be the most important vote of their careers. They've been called back to Springfield to take up a measure that would drastically alter the state's retirement plans. Doing so would have obvious ramifications for state employees, teachers and university workers whose pensions are at stake. But the impact of a vote is far more widespread. What happens could also affect everything from the state's credit rating and Illinois' next budget, to the 2014 elections. The outcome is anything but certain.
Although pensions are atop the agenda Tuesday in Springfield, the Illinois General Assembly could consider a set of tax breaks for some of Illinois' biggest corporations.
Decatur-based Archer Daniels Midland is moving its corporate headquarters, and wants a tax break to remain in Illinois, most likely Chicago. Office Depot, newly merged with OfficeMax, is deciding whether to put its combined headquarters in Florida or Naperville.
The deal would let the companies keep money they deduct from employee paychecks for Illinois taxes.
Sen. Kirk Dillard, R-Hinsdale, says the Senate should gather all of its members, and spend a couple of days hearing from experts, as well as from state workers whose pensions would be affected by pension changes.
The four Republicans running for Illinois governor are taking diverging stances on the pension measure that's bringing the General Assembly back to Springfield tomorrow. The package drafted by the legislative leaders would cut state workers', teachers' and university employees' retirement benefits.
Whether there's enough support for the leaders' plan to pass is uncertain, but it will get Sen. Bill Brady's vote.
A bipartisan committee of lawmakers has approved a plan to deal with Illinois' $100 billion pension problem. The measure now moves to the House and Senate for consideration.
The Associated Press confirmed with six members of the 10-member panel that they had signed the measure Monday after arriving in Springfield for a special session. Leaders announced the plan last week. It comes nearly five months after a special committee was formed to tackle the problem.
U.S. Sen. Mark Kirk says a pension-reform deal under consideration in Springfield ``falls short of finding the savings needed to solve Illinois' fiscal crisis.''
The Republican senator issued his statement Monday morning. The deal that legislative leaders announced last week could go to a vote in the Illinois General Assembly as early as Tuesday. Kirk says state lawmakers shouldn't pass a bill that he says lawmakers and voters haven't had time to read.