* Sun-Times…

Gov. Bruce Rauner on Wednesday announced his administration was making public a massive pension reform bill that encompasses issues involving the City of Chicago and Cook County as well as Downstate.

The reform proposal, he said, could save the City of Chicago billions of dollars every year.

Rauner said the more than 500-page pension reform bill includes changes to Chicago’s fire and police pension plans as well as to the Chicago Teachers pension. He said it also included suggestions from Senate President John Cullerton about cost of living increases as well as suggestions from Cook County President Toni Preckwinkle.

Rauner said he’s worked with Mayor Rahm Emanuel, Cullerton and Preckwinkle to come up with the legislative language. He said Preckwinkle told him that she wouldn’t need to raise taxes in Cook County if Springfield steps up on pension reform. […]

“The Senate President has spent time with the Governor discussing a constitutional model for comprehensive pension reform,” said Cullerton spokeswoman Rikeesha Phelon. “The governor’s recognition of the Cullerton model is encouraging, but we will have to review the details of the Governor’s new proposal.”

OK, wait. He plopped down a 500-page bill in front of reporters before discussing the details with the Senate President or his top staff?

That’s not how you win passage of legislation, it’s how you win the daily news cycle.

There are similarities between governing and campaigning, but there are also big differences.

The next general election is over a year away. Less worrying about the next campaign, please, and lots more governing instead.

*** UPDATE 1 *** Riopell has a few deets…

Rauner’s proposal incorporates the benefit-cutting plan offered by Cook County Board President Toni Preckwinkle, which she says could help save the county enough money to avoid a sales tax hike.

Rauner’s newest plan would also nod toward suburban mayors, who have called for pension changes for years to help reduce retirement costs for police officers and firefighters. Under Rauner’s plan, they would have to choose between two options: Smaller yearly pension increases in retirement or basing their eventual pension payout on today’s salary rather than on future raises.

Teachers would be offered the same deal under Rauner’s plan. In the past, Illinois Senate President John Cullerton has argued it would be constitutional to change employees’ pension benefits if they were offered something in return.

Union leaders aren’t likely to agree with the latest proposal.

The courts might not agree with it either.

*** UPDATE 2 *** Click here to read a summary.

*** UPDATE 3 *** Reuters…

The bill would also give Illinois’ local governments a route to Chapter 9 municipal bankruptcy following an evaluation by a third party or the declaration of a fiscal emergency.

Crain’s…

Says mayoral spokeswoman Kelley Quinn in a statement: “While we are encouraged that the governor has incorporated elements of both the city and Chicago Public Schools agenda, some of these items have already been adopted by the General Assembly, including pensions for both police and fire.”

Translation: Kindly don’t hold our police/fire pension bill hostage to this other stuff governor. Kindly sign the bill now on your desk.

Sun-Times…

Chicago taxpayers would still be on the hook for $619 million in payments to the two funds next year — more than double the current payment. But that’s still $219 million less than the city would have been forced to pay and an $843 million break over the next five years.

Rauner’s offer also includes the elusive, city-owned Chicago casino with all of the revenues devoted exclusively to shoring up police and fire pensions. That could minimize the need for a massive, post-election property tax increase in Chicago.

One week after Emanuel used a toxic mix of borrowing and budget cuts to make a $634 million payment to the Chicago Teachers Pension Fund, Rauner is offering a partial solution to the $9.5 billion teacher pension crisis.

He’s offering to pick up the “normal cost” of teacher pensions and help CPS with the hefty price tag for “defraying health insurance contributions,” but only for fiscal years 2016 and 2017.

The deal is contingent on Chicago teachers accepting the equivalent of a 7 percent pay cut by absorbing the “pension pick-up” that CPS agreed to make years ago in lieu of a pay raise. Teachers currently contribute just 2 percent to their own pensions.