SUNDAY: Cloudy and breezy with locally heavy rain. High: 565 Winds: Southeast 10-15 mph, gusting to 25 mph.
SUNDAY NIGHT: Rain showers continue into the evening with rain mixing with snow overnight as temperatures turn colder. ...
Lawmakers Present Pension Reform Plan
Lawmakers met at the capitol this morning to propose what they're calling "innovative pension reform."
With the problem growing more serious by the day, a number of state legislators met to discuss Illinois' funding crisis. Here's what the new legislation offers:
- A new 30-year pension payment plan, making the state pay its employer share with a new funding right that can be enforced through court action
- Increasing employees' retirement age and pension contributions
- Limiting legislators' pension increases
- Allowing cost-of-living pension increases only for the first $25,000 of an employee's pension
- Shifting teacher pension costs from the state to school districts