New pension plan could be solution

SPRINGFIELD -- Lawmakers are starting to hash out a new plan for fixing public pensions. The Special Pension Committee had its first meeting Thursday. Most of the talks didn't offer anything new, just a rehash of old ideas.

However, Representative Lou Lang (D-Skokie), proposed a brand new plan. It calls for everyone with a public pension to pay three percent more with no cuts to benefits. The flip-side; extend the state income tax increase, then put the state on a 50-year payment plan to get the pension funds up to 88% funding.

He says it's fair, constitutional and the plan our state needs to break the gridlock. The committee is supposed to agree on a plan to move forward by July 9. That's Governor Quinn's deadline. Lawmakers at the hearing said they actually think it's reasonable and are going to try to get the job done on time.

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