Is There a Solution for Illinois' Pension Crisis?

State Rep. Lou Lang (D-Skokie) has proposed that Illinois keep its current tax hike of 5 percent to fund all five pension sectors indefinitely.

In 2011, Illinois Gov. Pat Quinn increased state income tax from 3 percent to 5 percent. The increase was supposed to expire in 2014, but state Rep. Lou Lang (D-Skokie) wants to keep that tax hike indefinitely - it's his solution for repaying the $97 billion owed to all five pension sectors in Illinois, the State Journal-Register reported. Under Lang's plan, state workers would be required to pay an additional 3 percentage points into their pensions and the minimum retirement age for full pension benefits would be 67-years-old, the Journal-Register stated. However, there are other proposals, but Lang is calling them "unconstitutional" because they would change cost-of-living benefits for retirees. "We need a pension plan that will not end …

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