Fog/Mist
65°FFog/MistFull Forecast

Madigan proposes Illinois pension changes

Published: Tuesday, April 30, 2013 2:02 p.m. CDT • Updated: Tuesday, April 30, 2013 2:04 p.m. CDT

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.

Get breaking and town-specific news sent to your phone. Sign up for text alerts from the Daily Chronicle.

Watch Now

Player embeded on all DDC instances for analytics purposes.

NIU-Presbyterian postgame

More videos »

Reader Poll

What do you like best about Corn Fest?
Free corn
Live music
Carnival
Street festival atmosphere
Meeting friends and neighbors