Quinn proposes cutting down on pension costs to state

pension

Illinois Governor Pat Quinn asks state workers to pay more and retire later to help cut pension costs.

The state’s pension system is underfunded by more than $80 billion.

In a plan unveiled Friday, the governor outlined a way for state employees to contribute three percent more to their plans.

He proposes cutting the rate of cost-of-living increases and increasing the retirement age to 67.

Quinn estimates those changes would save $65-85 billion by 2045.

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