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Illinois Lawmakers Digesting Pension Details



Illinois lawmakers are learning some of the details of the pension reform agreement struck by legislative leaders earlier this week.  

House Speaker Michael Madigan's office says the plan that's designed to save 160-billion-dollars over 30 years could be considered by both houses of the legislature simultaneously next week, if six members of the special committee that drafted the plan agree on a final report when they meet Tuesday.  

The deal raises the retirement age, limits the number of people who qualify for state pensions, offers workers an option for a 401k-style plan instead of the current defined benefit plan and changes the formula for the cost-of-living-adjustment.  

 

Filed Under :  
Topics : LaborSocial Issues
Social :
Locations : Illinois
People : Michael Madigan