Madigan teacher pension proposal targets local Ill. money
Illinois cities and schools would lose hundreds of millions of dollars under a pension proposal from House Speaker Michael Madigan.
Madigan wants to consider dipping into a tax stream that provides about $1.4 billion for local government. He would use that money to pay state costs for providing pensions for teachers.
A spokesman says the powerful Chicago Democrat is trying to jumpstart discussions about reducing Illinois pension expenses.
But Joe McCoy of the Illinois Municipal League says Madigan may be trying to stir up so much opposition that people will embrace a different idea -- making local schools responsible for paying teacher pensions.
McCoy says mayors take Madigan's proposal seriously and oppose it. He says it would devastate city budgets.