Illinois House OKs Madigan pension-reform plan - Los Angeles Local News | FOX 11 LA KTTV

Illinois House OKs Madigan pension-reform plan

Posted: Updated:

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.

 

Follow Us!

Share Your Photos & Video

  • Politics NewsMore>>

  • Mayors' group pushes for pension reform

    Mayors' group pushes for pension reform

    Monday, April 21 2014 12:04 PM EDT2014-04-21 16:04:17 GMT
    money-roll-genericmoney-roll-generic
    More than two dozen Illinois mayors are set to hold a news conference, hoping to encourage state lawmakers to make changes to pension systems for local police and fire departments.
    More than two dozen Illinois mayors are set to hold a news conference, hoping to encourage state lawmakers to make changes to pension systems for local police and fire departments.
  • US Sen. Durbin says he's taking Oberweis seriously

    US Sen. Durbin says he's taking Oberweis seriously

    Sunday, April 20 2014 11:10 AM EDT2014-04-20 15:10:55 GMT
    U.S. Sen. Dick Durbin says he's taking his opponent in the November election more seriously than any challenger since he first was elected to the Senate.
    U.S. Sen. Dick Durbin says he's taking his opponent in the November election more seriously than any challenger since he first was elected to the Senate.
  • Pensions pose latest challenge for Chicago mayor

    Pensions pose latest challenge for Chicago mayor

    Tuesday, April 8 2014 8:41 AM EDT2014-04-08 12:41:57 GMT
    Rahm Emanuel has been a force in politics and now the hard-charging mayor intent on fixing what ails the nation's third-largest city.
    Rahm Emanuel has been a force in politics and now the hard-charging mayor intent on fixing what ails the nation's third-largest city.
Powered by WorldNow

KTTV FOX 11
1999 S. Bundy Dr.
Los Angeles CA 90025

Main: (310) 584-2000
News Tips? (310) 584-2025

Didn't find what you were looking for?
All content © Copyright 2000 - 2014 Fox Television Stations, Inc. and Worldnow. All Rights Reserved.
Privacy Policy | Terms of Service | Ad Choices