Illinois Pension Bill Debated Today
Update 12/3/13 at 5:00 p.m. - both Houses of the General Assembly passed the pension reform bill.
Today, the Illinois General Assembly is debating a bill designed to "fix" the state's pension crisis. The Illinois Municipal League has prepared an outline of the pension reform bill on its website here. The highlights include 100% funding by 2044, a revamp of the COLA increases, an increase in retirement age, an increase in state contributions, and a reduction in employee contributions, among other provisions.
Today, the Illinois General Assembly is debating a bill designed to "fix" the state's pension crisis. The Illinois Municipal League has prepared an outline of the pension reform bill on its website here. The highlights include 100% funding by 2044, a revamp of the COLA increases, an increase in retirement age, an increase in state contributions, and a reduction in employee contributions, among other provisions.
The IML has been reporting on the debates on Twitter at @IML_Legislative. You can access the IML's Twitter feed here if you want to feel like you are sitting in on the debates. One of the IML tweets included the following picture of the proposed legislation:
Not surprisingly, the bill is opposed by the various union groups, who have been testifying that the bill is unconstitutional and amounts to theft from public employees.
The bill only addresses state pensions. If this bill passes, and then survives a legal challenge (which is probable), then the legislature is likely to address local government pensions in the future.
Post Authored by Julie Tappendorf, Ancel Glink |
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