Proposed pension salary limit could save Illinois $1 billion


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Originally Posted Online: March 07, 2013, 4:48 pm
Last Updated: March 07, 2013, 8:41 pm
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SPRINGFIELD (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 Thursday 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.














 



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  Today is Sunday, April 20, the 110th day of 2014. There are 255 days left in the year.

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1914 -- 100 years ago: Fred Feuchter, of Davenport, was elected president of the Tri-City Post Office Clerks club, and Joe Goldsmith, of Rock Island, was named secretary treasurer.
1939 -- 75 years ago: Mass vaccination of more than 1,600 employed of the Rock Island Arsenal has been ordered by Col. Norman Ramsey after a 13-year-old daughter of the Arsenal manager became ill with smallpox.
1964 -- 50 years ago: The 1964 Scout-O-Rama of the Sac-Fox Council of Boy Scouts closed a two-day session last evening at the Rock Island Armory with 5,000 paid attendance.
1989 -- 25 years ago: "From the horse and buggy days ... to this" said Mercer County Sheriff Marvin Thirtyacre, waving his hand to indicate the sheriff's department facilities at the new $1.5 million Mercer County Jail in Aledo.




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