Report: Illinois leaders reach pension agreement

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Spokespersons for leaders from both houses of the Illinois legislature say an agreement on state-funded pensions has been reached.

Related:  Loophole could be at the heart of the Illinois pension crisis

House Minority Leader Jim Durkin declined to elaborate on specifics, but he said the deal does include an adjustment to the retirement age, a defined contribution plan and a change to the annual cost-of-living adjustments.

After more than two years of wrangling, the tentative deal would reportedly save taxpayers an estimated $160 billion over the next 30 years.  Details were expected to be distributed to legislators Friday, November 29.

Illinois Governor Pat Quinn commended legislative leaders for coming up with an agreeable solution.  Quinn had previously called the disagreement over a resolution to the state's pension crisis an "epic battle."

"We have more work to do," Quinn said, "I look forward to working with the leaders and members of the General Assembly over the coming days to get this job done for the people of Illinois."

Members of the legislature were being notified they should return to Springfield to consider the measure in a one-day session planned for Tuesday, December 3.