SPRINGFIELD – Illinois House Speaker Michael Madigan is proposing a comprehensive pension-reform package that caps the salary on which a pension can be based and limits annual cost-of-living increases.
The Chicago Democrat filed an amendment Tuesday to legislation that got Senate approval last month. Madigan plans a House committee hearing Wednesday.
The plan tweaks ideas proposed by Rep. Elaine Nekritz — Madigan's leader on fixing a $96 billion pension deficit — and House Republican Leader Tom Cross.
It would cap the total annual salary on which a pension could be based to $110,000. That's less than the $113,000 Social Security guideline originally proposed.
And instead of tying annual cost-of-living increases to $25,000, it would allow COLAs based on $1,000 per year of service.