Mt. Vernon Register-News

State News

March 15, 2013

Ill. House GOP OK with new cost-shift on pensions

(Continued)

The House discussion scheduled Thursday will focus on four amendments to two "shell" bills — devoid of language — that Madigan introduced.

The amendments aim to solve the pension crisis in a variety of ways, including: eliminating cost-of-living increases; prohibiting COLA payouts in years when the pensions are not funded at 80 percent or more of the total they owe; requiring employees hired after January 2011 to pay an additional 5 percent toward their pensions on top of other contributions; and penalizing retirement before age 67 with reduced benefits.

 

Text Only
State News

Stocks