Politics
12:35 pm
Wed November 27, 2013

Deal Reached To Solve $100 Billion Illinois Pension Crisis

Will be updated.

A spokesman for House Speaker Michael Madigan says legislative leaders have reached a deal to solve the state's $100 billionĀ pension crisis.

Steve Brown says he was told of the agreement following a leaders meeting Wednesday.

Brown says the speaker's staff is putting together an "explanatory memo" for lawmakers and will send details of the proposed legislation to them Friday.

The leaders have been working with a proposal developed over the summer and autumn by a bipartisan committee of lawmakers. The committee plan would save the state $138 billion over 30 years.

The state's pension crisis, deemed the nation's worst, comes after lawmakers have shorted or skipped payments to its public pension funds for decades.

Both the House and Senate are being called back to meet in Springfield Dec. 3.