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Cullerton Proposes Changes to State Pension System

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Illinois Senate President John Cullerton says he has some new suggestions to change to the state’s pension system. Last week, a report from the Pew Center on the States ranked Illinois dead last in the nation for funding its retirement system. Cullerton says unions have fought previous attempts to cut benefits to help pump money into pensions.

CULLERTON: I think it’s something that they might find reasonable if they know we’re doing this to stabilize the existing pension system. We’re the worst in the nation. It’s not necessarily their fault.

Cullerton says he wants to increase the age limit for employees to receive their maximum annual benefit. He also recommends capping the amount of benefits the state’s longest-serving workers can receive, which can accumulate to $245,000 a year for one state employee.

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