Madigan Pension Reforms Pass House
From the Chicago Tribune
The Illinois House Thursday approved a far-reaching pension reform plan pushed by Speaker Michael Madigan that is headed for an uncertain fate in the Senate.
The proposal aims to erase the state's nearly $100 billion pension debt by scaling back cost-of-living increases, raising the retirement age for young workers and requiring employees to take more out of their paychecks. It applies to Downstate and suburban teachers, rank-and-file state employees, legislators and university employees.
“The time has come for this bill,” said Madigan, D-Chicago.
The bill passed 62-51, with two voting present. It needed 60 votes to pass the House. The bill now goes to the Senate, where a similar bill failed earlier this spring.
Rep. Elaine Nekritz, the Northbrook Democrat who leads Madigan’s caucus on pension issues, said the legislation strikes a balance that will be upheld in court because the state is on an untenable, expensive path on government worker pensions.
“It’s not a sustainable path for us. It simply doesn’t work,” Nekritz said.
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From the Chicago Tribune
The Illinois House Thursday approved a far-reaching pension reform plan pushed by Speaker Michael Madigan that is headed for an uncertain fate in the Senate.
The proposal aims to erase the state's nearly $100 billion pension debt by scaling back cost-of-living increases, raising the retirement age for young workers and requiring employees to take more out of their paychecks. It applies to Downstate and suburban teachers, rank-and-file state employees, legislators and university employees.
“The time has come for this bill,” said Madigan, D-Chicago.
The bill passed 62-51, with two voting present. It needed 60 votes to pass the House. The bill now goes to the Senate, where a similar bill failed earlier this spring.
Rep. Elaine Nekritz, the Northbrook Democrat who leads Madigan’s caucus on pension issues, said the legislation strikes a balance that will be upheld in court because the state is on an untenable, expensive path on government worker pensions.
“It’s not a sustainable path for us. It simply doesn’t work,” Nekritz said.
Read more in our daily News Update...