Illinois Legislature to Take Up Pension Proposal in Early December

The Illinois Legislature will convene during the first week of December for a special session to decide on a remedy to the state’s $100 billion pension crisis, reports StateTrack’s Alex Manuel Moya. The House will hold committees sessions on Dec. 2 and likely move to floor action on Dec. 3. The Senate may return on Dec. 3 and 4.

A conference call was held last week between House Speaker Michael Madigan, Senate President John Cullerton and other key lawmakers over a proposal that could save Illinois $150 billion over the next three decades. The plan, which originated from a series of guidelines devised by a bipartisan pension panel a few months earlier, would reduce employee contributions and replace retirees’ 3 percent annual compounded cost-of-living increase with one that’s half the inflation rate.