SPRINGFIELD, Ill. (AP) — Gov. Pat Quinn says the pension agreement legislative leaders have reached meets the goal he set of eliminating long-term retirement-system debt.
House and Senate leaders emerged from a meeting Wednesday to announce a tentative agreement they plan to bring to floor votes next week. House Speaker Michael Madigan says it would save $160 billion over 30 years for pension accounts that are $100 billion in debt.
Quinn assigned the long-elusive pension-reform task to a conference committee of lawmakers in June. The governor said he wanted a proposal that eliminated the debt and stabilized the systems.
He said Wednesday: "This plan meets that standard."
The Democrat says he will be working with leaders and rank-and-file legislators during the coming days to "get this job done for the people of Illinois."