Illinois Senate president: Pension savings overstated

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The president of the Illinois Senate now concedes his plan to reform the state pension system wouldn’t save as much money as he promised.

Originally, Senator John Cullerton said his plan to force state employees to choose between healthcare and pension raises could save the state an immediate $10 billion; now he admits, it’s closer to $5 billion.

By contrast, House Speaker Mike Madigan’s reform plan is estimated to cut the state’s bills by as much as $30 billion in the short term.

The General Assembly has just nine more days to pass pension reform before it adjourns for the summer.