House OKs Madigan pension-reform plan


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Originally Posted Online: May 02, 2013, 3:21 pm
Last Updated: May 02, 2013, 3:22 pm
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SPRINGFIELD, Ill. (AP) — The Illinois House has approved a comprehensive pension-reform plan for the first time after years of talks.

The House voted 62-51 Thursday to advance the measure sponsored by House Speaker Michael Madigan.

The Chicago Democrat's proposal is designed to close a $97 billion deficit that dogs the state's pension plans. Underfunding for decades has left the accounts short of what they need.

The legislation requires employees to contribute 2 percent more of their earnings to their pensions. They would also have to delay retirement and accept less-generous annual cost-of-living increases.

The state would guarantee it would make its required contribution every year.

The measure now goes to the Senate where President John Cullerton has his own ideas about reform.














 



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  Today is Thursday, July 31, the 212th day of 2014. There are 153 days left in the year.

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1889 -- 125 years ago: B. Winter has let a contract to Christ Schreiner for a two story brick building with a double store front on the south side of 3rd Avenue just west of 17th Street. The estimated cost was $4,500.
1914 -- 100 years ago: Germany sent simultaneous ultimatums to Russia and France, demanding that Russia suspend mobilization within 12 hours and demanding that France inform Germany within 18 hours. In the case of war between Germany and Russia, France would remain neutral.
1939 -- 75 years ago: Civil service offices at the post office and the Rock Island Arsenal were swamped as more than 700 youths sought 15 machinist apprenticeships at the Arsenal.
1964 -- 50 years ago: Last night, American Legion Post 246 in Moline figuratively handed over the trousers to a female ex-Marine and petticoat rule began. Olga Swanson, of Moline, was installed as the first woman commander of the post .
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