Illinois House OKs Madigan pension-reform plan -, NewsCenter17, StormCenter17, Central Illinois News-

Illinois House OKs Madigan pension-reform plan


Springfield -- 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.



Most Popular

  • Current Events

Powered by WorldNow

904 South Side Drive
Decatur, IL 62521
Primary Phone: 217-424-2500
Primary Email:

All content © Copyright 2000 - 2014, WorldNow and WAND. All Rights Reserved. For more information on this site, please read our Privacy Policy and Terms