TONIGHT: Partly cloudy. Low: 25. Winds: Southeast 5-10 mph.
WEDNESDAY: Cloudy with a mix of rain and snow. Accumulations up to an inch possible by late Wednesday. High: 37. Winds: Southeast 5-10 mph.
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