Unions propose paying more to fix pension crisis

December 19, 2012

The Associated Press

Public employees say they're willing to chip in more of their salaries toward their retirements if the state of Illinois can guarantee that it'll fully fund state pensions.

A coalition of unions called We Are One Illinois released a study Wednesday analyzing two pension proposals before lawmakers. It also proposes recommendations.

The group is made up of teachers, fire fighters, police officers, government workers and laborers. It says they're willing to pay another 2 percent, or about $350 million, of their salaries if the state can guarantee payments.

Illinois has the worst-in-the-nation pension problem with more than $95 billion in unfunded liability.

The group's other recommendations include closing tax loopholes to bring in $2 billion in revenue and calling for a pension summit next month with union participation.