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:

State Union Contract Extended To September 30th
Rauner Vetoes Legislation to Ban Strikes, Worker Lockouts
Governor Signs Law Giving Animal Disease Lab Building to Kaskaskia College
State Police Make Arrest Near Vandalia in Child Abduction Case
Bryan-Bennett Library Festivities Come to A Close




This Site logo