Madigan proposes Illinois pension changes - – Rockford’s News Leader

Madigan proposes Illinois pension changes


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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