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

Madigan proposes Illinois pension changes

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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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