[Subscriber protection removed and comments opened because the Sun-Times now has this story independently.]

* 11:58 am - From House Speaker Michael Madigan’s press secretary…

Leaders have reached a pension agreement.

Details will be distributed to members on Friday.

Final elements were put together by the Speaker in recent days.

*** UPDATE - 12:09 pm *** From the Senate President’s spokesperson…

Yes, there is an agreement on a plan. We are notifying our members that they should return to Springfield for session on Tuesday.

I’m hearing a one-day session on December 3rd beginning at 11 o’clock in the morning.

* Sun-Times…

“We have a deal,” House Minority Leader Jim Durkin, R-Western Springs, told reporters at the Bilandic Building, where leaders met Wednesday morning. […]

Without offering specifics, Durkin identified three elements to the package, including a change to the COLA, a defined contribution plan and an adjustment to the retirement age.

Asked why the deal came together now, Radogno said, “It’s just the urgency. Every leader had concerns, and we’ve all accommodated.”

“Having the leaders, all four agree, is a huge step in the right direction.” Radogno said.

* 12:12 pm - From the House Republicans…

There is an agreement. The leaders are beginning the process of reaching out to the members. Details will be released to members and the media in short order.

In a follow-up e-mail, I was told by the House GOP spokesperson not to expect any details today.

* 12:28 pm - From the twitters…

House speaker Madigan says there's a pension deal. "We're inside the 1 and we're trying to get across the goal line." Says Rauner is opposed

— Kate N. Grossman (@KateGrossman1) November 27, 2013

Subscribers know more about that. So far, though, Rauner hasn’t pulled off too many votes, if any. We’ll see.

* 12:34 pm - Greg Hinz…

The deal reportedly would save taxpayers about $160 billion over the next three decades.

* More from the twitters…

Mike Madigan says GOP gov candidate Rauner opposes pension deal bc of funding guarantee. What does Rauner have to say?

— Kate N. Grossman (@KateGrossman1) November 27, 2013

Mike Madigan says pension deal includes cola and retirement age changes, extra state contributions and state funding guarantee

— Kate N. Grossman (@KateGrossman1) November 27, 2013

House Speaker Madigan says pension deal will save about $160 billion over 30 years

— Kate N. Grossman (@KateGrossman1) November 27, 2013

* As subscribers already know, Madigan has been doing shuttle diplomacy for several days…

Speaker Madigan says he mediated pension compromise between Senate Prez Cullerton & @ILGOP leaders. @ABC7Chicago

— Charles Thomas (@CThomasABC7) November 27, 2013

* AP…

Despite no knowledge of the details, the state’s major employee unions said Wednesday they were opposed to the deal, saying they were left out of negotiations and that they believe elements are unconstitutional.

“We have tried for three years now to work with legislative leaders and the governor to develop pension reform … that is fair to workers and retirees,” American Federation of State, County and Municipal Employees union spokesman Anders Lindall said Wednesday.

* 12:57 pm - I asked Bruce Rauner’s campaign a while ago to comment on Speaker Madigan’s statement about Rauner being opposed due to the bill’s guaranteed funding mechanism. Awaiting a response.

* Sun-Times video of Madigan…

* From Gov. Pat Quinn…

Governor Pat Quinn issued the below statement regarding today’s agreement among the legislative leaders on a comprehensive pension reform solution:

“I commend the legislative leaders – Senate President John Cullerton, House Speaker Mike Madigan, Senate Minority Leader Christine Radogno and House Minority Leader Jim Durkin – for their hard work to reach this critical agreement. I also commend members of the conference committee for their work throughout the summer and fall to get us to this point.

“When I proposed the creation of a conference committee in June, I asked members to draft a plan that eliminated the unfunded pension debt and fully stabilized the systems, and this plan meets that standard.

“We have more work to do. I look forward to working with the leaders and members of the General Assembly over the coming days to get this job done for the people of Illinois.”

* From the We Are One Coalition…

“Unions representing hundreds of thousands of public employees and retirees were not included in the leaders’ talks. If their new plan is in line with what’s been reported from earlier discussions, then it’s an unfair, unconstitutional scheme that undermines retirement security.

“It’s no compromise at all with those who earned and paid for their retirement benefits. In fact, reports suggest the leaders have repackaged Senate Bill 1 and barely bothered to disguise it. On top of this, by expanding 401(k) plans, the leaders will further jeopardize retirement security for the vast majority of public employees and retirees who are not eligible for Social Security.

“If their bill resembles SB 1, we will urge lawmakers to reject it and continue to fight to protect the hard-earned life-savings of Illinois public servants as well as the sanctity of the state’s constitution.”

* Tribune…

Increasing the retirement age, now set at various levels based on the type of work, would impact the youngest workers the most. Younger workers could see up to five years added to their retirement ages, Radogno said.

The cost-of-living adjustments would be altered “to be sure that the lower-paid, longest-serving employees have the biggest protection,” said Radogno. It would be largely patterned after a provision she pushed and was included in a bill that Speaker Michael Madigan passed in the House.