Madigan: ‘Cannot evade’ COLA changes in pension overhaul – Springfield, IL – The State Journal-Register

13 Mar

House Speaker Michael Madigan said Wednesday public employee retirement benefits will have to be less generous if the state is going to get a handle on its pension costs.

Speaking to reporters after addressing a conference of the International Brotherhood of Electrical Workers, Madigan specifically said changes to annual cost of living adjustments to retirement benefits will have to change.

“One place you must go is the COLA adjustment. You cannot evade that,” Madigan said of components that must be part of pension reforms.

He would not elaborate on what changes should be made, saying details are “all open.” More…

via Madigan: ‘Cannot evade’ COLA changes in pension overhaul – Springfield, IL – The State Journal-Register.

Advertisements

Leave a Reply

Please log in using one of these methods to post your comment:

WordPress.com Logo

You are commenting using your WordPress.com account. Log Out / Change )

Twitter picture

You are commenting using your Twitter account. Log Out / Change )

Facebook photo

You are commenting using your Facebook account. Log Out / Change )

Google+ photo

You are commenting using your Google+ account. Log Out / Change )

Connecting to %s

%d bloggers like this: