Governor Pat Quinn is warning of dire straights if his pension fix isn't adopted, so he's outlining what he calls a "bold" plan to reform the state’s ailing pension systems. The governor’s proposal includes raising the retirement age to 67 and increasing employee contributions by three percent.
He says to help make sure these changes do not violate the state constitution, the new program would be voluntary.
Quinn says under his plan, the state’s five pension systems that includes state workers and teachers would be fully funded by 2042, and save 65 to 85 billion dollars. He also wants to shift the cost of teacher pensions to school districts and colleges, instead of the state picking up the tab.