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 Wednesday, Sept. 17, the 260th day of 2014. There are 105 days left in the year.
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1939 -- 75 years ago: One week late, because of the outbreak of war, Dr. E.L. Beyer resumed his work as professor of romance languages at Augustana College. Dr. and Mrs. Beyer left Germany on the last train to the Belgian border.
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