It cuts retiree cost of living increases, lowers the amount current employees contribute and raises the retirement age.
According to Governor Pat Quinn, it deals with the most difficult issue Illinois has ever confronted. But is it the right plan for Illinois and the state's troubled finances?
We'll tackle that question and what's ahead for the city of Chicago, which is facing its own pension problems.
Our guests are Ty Fahner, President of the Civic Committee of the Commerical Club of Chicago and Diana Rickert with the Illinois Policy Institute.