IL House OKs Cap on Salary Amount for Pensions

By: The AP
By: The AP

SPRINGFIELD, Ill. (AP) -- Lawmakers have found at least one fix for the state's multibillion-dollar pension problem that could pass the Illinois House.

Two Republicans joined Democrats yesterday in voting 65-7 to cap the salary that pension benefits are based on at the Social Security Index. Currently that's $113,000 per year.

Supporters estimate it could save Illinois $1 billion annually.

The vote was part of a process Democratic Speaker Michael Madigan is using to gauge where legislators stand on possible reforms. It's the first amendment in two days of debate to get enough votes to pass.

Republicans have criticized the process and have refused to participate in most of the votes.

Legislators rejected a 10-year freeze on cost-of-living adjustments and a measure to require employees to contribute 4 percent more to their retirement.


You must be logged in to post comments.

Username:
Password (case sensitive):
Remember Me:
23 WIFR 2523 North Meridian Road Rockford, IL. 61101 Business: 815-987-5300 Fax: 815-965-0981 News: 815-987-5330 Fax: 815-987-5333
Copyright © 2002-2016 - Designed by Gray Digital Media - Powered by Clickability 196265751 - wifr.com/a?a=196265751
Gray Television, Inc.