Yet another pension reform package has been proposed in Springfield. Illinois House Speaker Michael Madigan brought forth the package. It caps the salary on which a pension can be based while limiting annual cost-of-living or COLA increases.
Madigan is a Democrat from Chicago. He filed an amendment Tuesday to lawmakers that got Senate approval last month. There will be a House committee hearing Wednesday.
An early proposal from Rep. Elaine Nekritz aims at fixing a $96 billion deficit. Madigan added to that plan. It would cap the total annual salary on which a pension could be based to $110,000. The original proposition was $113,000 Social Security guideline.
Instead of tying annual COLA increases to $25,000, it would allow them based on $1,000 per year of service.
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