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…