WJBD Radio

Images

Now Playing

Local News

WJBD - Local News - Illinois House OKs Madigan Pension-Reform Plan

Illinois House OKs Madigan Pension-Reform Plan

SPRINGFIELD, Ill. (AP) - The Illinois House has approved a comprehensive pension-reform plan for the first time after years of talks.  The House voted 62-51 Thursday to advance the measure sponsored by House Speaker Michael Madigan.      

The Chicago Democrat's proposal is designed to close a $97 billion deficit that dogs the state's pension plans. Underfunding for decades has left the accounts short of what they need.       

The legislation requires employees to contribute 2 percent more of their earnings to their pensions. They would also have to delay retirement and accept less-generous annual cost-of-living increases.  The state would guarantee it would make its required contribution every year.      

The measure now goes to the Senate where President John Cullerton has his own ideas about reform.      

The bill is SB1.    More information is available online: http://www.ilga.gov .

See other LocalNews news:

US Rep. Duckworth Prevails in Workplace Retaliation Lawsuit
Rauner Signs ID Law Making Illinois Comply With Federal Law
Economic Woes Cause Drop in Number of Illinois Boaters
Western Illinois University Researches Zika Virus Spread
Illinois State Fair Competition Entry Deadlines Nearing




This Site logo