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 Tuesday, Sept 2, the 245th day of 2014. There are 120 days left in the year.

1864 — 150 years ago: It is estimated that 300,000 people attended the recent Democratic convention in Chicago when Gen. George B. McClellan of New Jersey was nominated as a candidate for president of the United States.
1889 — 125 years ago: Alderman Frank Ill, Winslow Howard and Captain J.M. Montgomery returned from Milwaukee, where they attended the national Grand Army of the Republic encampment.
1914 — 100 years ago: Three members of the Rock Island YMCA accepted positions as physical directors of other associations. Albert Cook went to Kewanee, C.D. Curtis to Canton and Willis Woods to Leavenworth, Kan.
1939 — 75 years ago: Former President Herbert Hoover appealed for national support of President F.D. Roosevelt and Congress in every effort to keep the United States out of war.
1964 — 50 years ago: The Rock Island Junior chamber pf Commerce has received answers to about 65 % of the 600 questionnaires mailed out recently in a "Community Attitude Survey" to analyze sentiments of citizens towards their city's various recreational, educational, and civic service programs.
1989 — 25 years ago: The two thunderstorms passing through the Quad Cities last night and early today left some area residents reaching for their flashlights.






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