Mostly Cloudy
19°FMostly CloudyFull Forecast

Quinn: Pension plan 'meets the standard'

Published: Wednesday, Nov. 27, 2013 3:04 p.m. CST • Updated: Wednesday, Nov. 27, 2013 3:15 p.m. CST
Caption
FILE - In this Oct. 24, 2013, file photo, Illinois Gov. Pat Quinn responds to a question about the ongoing legislative issues in Springfield, Ill., after a visit to a Wheeling, Ill., high school. (AP Photo/Charles Rex Arbogast, File)

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."

Get breaking and town-specific news sent to your phone. Sign up for text alerts from the Northwest Herald.

Copyright 2014 The Associated Press. All rights reserved. This material may not be published, broadcast, rewritten or redistributed.

Reader Poll

How much money have you spent shopping on Black Friday?
$50 or less
$51-$100
$101-$200
$201-$500
More than $500