Illinois Rep. Spain, GOP Lawmakers Urge for Pension Reform
State Rep. Ryan Spain is pushing for Illinois lawmakers to rewrite the state’s pension system.
The Peoria Republican is co-sponsoring a House Bill that GOP lawmakers say would save the state $2.25 billion.
Illinois currently has a $130 billion unfunded pension liability, one of the worst in the nation.
“I think this is the most important piece of legislation that has been introduced to the General Assembly,” Rep. Spain said.
The pension reform bill filed in Springfield last week would give Chicago Public Schools a one-time $215 million pension payment. It would also cut pension benefits for state workers and teachers, except for current retirees.