Benefits March 24, 2010
Illinois Lawmaker Proposes Pension Changes
March 24, 2010 (PLANSPONSOR.com) – An Illinois lawmaker is proposing a cap on salaries used for calculating public pensions and an increase in the retirement age for public workers.
Reported by Rebecca Moore
The Chicago Daily Herald reports that under the proposal by Illinois House Speaker Michael Madigan the legislation would limit to $106,800 the salary that is applied to a public sector employee’s pension. The legislation would also increase the age at which public workers could receive unreduced benefits to 67 with 10 years of service, with reduced benefits provided at age 62.
The proposal would cover nearly all state and local pension systems in Illinois.
According to the Daily Herald, the measure is supported by Governor Pat Quinn but opposed by most employee unions.« High Court to Review Whether Retaliation for Verbal Complaints is Protected