Cullerton: I've agreed on pension plan with unions in Illinois


Associated Press

SPRINGFIELD, Ill. (AP) - Illinois Senate President John Cullerton says he's negotiated a "credible and constitutional" pension-reform plan.
Cullerton released a statement Wednesday that he's reached agreement with unions representing teachers, nurses, police officers and other public employees.
The Chicago Democrat's statement did not reveal the deal's substance. But he says he will begin discussing its details with Democratic senators and House Speaker Michael Madigan - also a Chicago Democrat.
Madigan on Wednesday advanced his own plan for trimming pension benefits and increasing participants' contributions to solve the crisis. State officials' decades of underfunding has left the five pension accounts $97 billion short of what they need in the long run.
Cullerton has insisted that unilaterally cutting benefits or requiring increased contributions would violate the Constitution.
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