Illinois House passes two pension reform measures – Sun-Times Politics

14 Mar

SPRINGFIELD-The Illinois House passed pension reform measures Thursday that would cap “pensionable” salaries at Social Security wages and would increase retirement ages on a sliding scale for employees under age 45.

In another series of “test-votes” as part of House Speaker Michael Madigan’s (D-Chicago) “weekly order of business” process, the House passed its first pension reforms of the 98th General Assembly. The measures now move to the Senate.

The measure capping salaries – $113,700 indexed for inflation – upon which pension benefits can be based passed in the chamber by an overwhelming 101-15 margin.

And the bill that raises the age at which state employees can begin collecting benefits passed by a closer 76-41 vote; however, the measure would not include Illinois judges. Retirement ages would increase by one year for those age 40-45, three years for those age 35-39, and five years for employees under age 35.

via Illinois House passes two pension reform measures – Sun-Times Politics.

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