Illinois lawmakers will be back at the Capitol Tuesday to consider a pension agreement announced today (Wednesday) by legislative leaders.
The deal reportedly would save $160 billion over thirty years and includes three key points: a 401(k)-style contribution plan, an increased retirement age, and a cost-of-living adjustment tied to the rate of inflation.
Leaders, meeting in Chicago, announced the deal as Gov. Pat Quinn was in Washington, Ill., to speak to a community Thanksgiving luncheon celebrating the community’s resurgence from the Nov. 17 tornadoes.
Quinn tied the two events in his remarks to reporters afterward: “I think what we saw here today – folks of all different backgrounds and all different political parties coming together to help their neighbor and help the common good,” Quinn said. “That’s really what Washington Strong means to me: people working together for the common good. We can do that in our legislature and do great things.”
The Illinois House and Senate are scheduled to convene Tuesday.