Illinois House approves limits to pension COLAs – Breaking News – Springfield, IL – The State Journal-Register

21 Mar

Cost of living adjustments to public pensions will be restricted under a bill approved by the Illinois House Thursday.

House members voted 66-50 to approve House Bill 1165 which limits COLAs to the first $25,000 in pension benefits. The change applies to state employees, downstate teachers, lawmakers and university workers. Judges are not included.

Rep. Elaine Nekritz, D-Northbrook, said the automatic 3 percent compounded COLAs to retiree benefits are the single biggest factor driving increased pension costs. Making the change will by itself save the state $100 billion in pension costs over the next three decades, she said. More…

via Illinois House approves limits to pension COLAs – Breaking News – Springfield, IL – The State Journal-Register.

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