Illinois Workers, Retirees Worry About Pension Changes

By: AP
By: AP

CHICAGO (AP) -- Teachers, welfare specialists and other public employees in Illinois are nervous about pension changes that lawmakers approved in an attempt to resolve the state's worst-in-the-nation pension crisis.

Among the biggest worries after Tuesday's vote is a change in the cost-of-living increase that is now 3 percent compounded annually on their full annual benefit. With the new plan, retirees will receive the 3 percent increases only until their annuity reaches a certain amount. That will limit their annual pension payments compared with what they would get under the current system.

Lawmakers who supported the changes say they protect the longest-serving and lowest-income retirees while helping to resolve the state's $100 billion pension shortfall.

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