Click for St. Louis, Missouri Forecast

// a href = ./ // St Louis News, Weather, Sports, The Big 550 AM, St Louis Traffic, Breaking News in St Louis

 
 
 

SPRINGFIELD, Ill. (AP) - The Illinois House has approved a comprehensive pension-reform plan for the first time after years of talks.

The House voted 62-51 Thursday to advance the measure sponsored by House Speaker Michael Madigan.

The Chicago Democrat's proposal is designed to close a $97 billion deficit that dogs the state's pension plans. Underfunding for decades has left the accounts short of what they need.

The legislation requires employees to contribute 2 percent more of their earnings to their pensions. They would also have to delay retirement and accept less-generous annual cost-of-living increases.

The state would guarantee it would make its required contribution every year.

The measure now goes to the Senate where President John Cullerton has his own ideas about reform.

 

Published in Local News
CHICAGO (AP) - Gov. Pat Quinn says any overhaul of Illinois' worst-in-the-nation pension problem should have a funding guarantee.

He spoke yesterday just days after House lawmakers approved their third pension-related bill. The latest would reduce and delay cost-of-living increases in state employees' retirement pay.

Pensions have been Quinn's top issue for more than a year. He says lawmakers' work last week was a step in the right direction but there's further to go. Quinn says any reform package should address retirement age and pensionable salary.

Illinois has nearly $100 billion in unfunded pension debt because lawmakers skipped or shorted pension payments for years.

House lawmakers recently OK'd bills that would cap the salary on which benefits are based to the limit set for Social Security and delay the retirement age incrementally.
Published in Local News
Friday, 22 March 2013 02:43

IL House passes pared down pension plan

SPRINGFIELD, Ill. (AP) — The Illinois House has approved a stripped-down pension plan that could delay and reduce cost-of-living increases for retirees and future retirees.

The bill is sponsored by House Speaker Michael Madigan and comes out of a laborious process where lawmakers are addressing the pension problem piece by piece instead of a total overhaul at once. House members voted in favor 66-50 yesterday. It's the third scaled-back pension bill the House has recently approved.

Thursday's proposal says that no cost-of-living increases can be taken until retirees reach 67 years of age, or five years after retirement and applies COLAs only to the first $25,000 of an annual pension.

Illinois has nearly $100 billion in unfunded pension liability because for years lawmakers either skipped or shorted payments.
Published in Local News
SPRINGFIELD, Ill. (AP) — The Illinois Senate has approved on a second vote Senate President John Cullerton's proposal overhauling teacher pensions.

Minutes earlier senators rejected the plan; it was shy one vote to pass. Cullerton used a parliamentary procedure to recall the bill. The second vote yesterday was 30-22.

Cullerton's amended plan addresses the Teachers' Retirement System and is estimated to save up to $40 billion over the next 30 years. It also offers employees a choice on whether they want retirement health care or reduced annual cost-of-living increases.

Opponents say the plan doesn't go far enough in addressing Illinois' pension crisis. Illinois has nearly $100 billion in unfunded pension liability.

Earlier in the day senators rejected a total overhaul sponsored by state Sen. Daniel Biss.
Published in Local News
Illinois Governor Pat Quinn's state of the state address is receiving mixed reviews.

Quinn said Illinois's $100 billion pension shortfall is the number one problem for the state.

That feeling was echoed by business interests. The Illinois Manufacturers' Association says the time for talk is over and the Illinois Chamber of Commerce calls a failure to address pensions unconscionable.

But the president the Illinois Retail Merchants Association criticized the governor's plan to raise minimum wage from $8.25 to $10.00 per hour, saying it would hurt both employers and job seekers. The governor argued that no one working 40 hours a week should live in poverty.

During the speech, Quinn also said it was time for the state to allow same-sex marriages, and he renewed his call for an assault weapons ban.
Published in Local News
Page 2 of 2

Latest News

  • 1
  • 2
  • 3
  • 4
  • 5
  • 6
  • 7
  • 8
Prev Next
Spending bill signed by Nixon includes $2M for Normandy School Dist.

Spending bill signed by Nixon includes $2M for Normandy…

   JEFFERSON CITY, Mo. (AP) - Missouri Governor Jay Nixon has signed a mid-year spending bill with funding for social services, education and a financially troubled St...

UPDATE: Missing So. County teen home safe

UPDATE: Missing So. County teen home safe

   A South County teen who had been the subject of an Endangered Person Advisory is home safe.      St. Louis County Police had issued the advisory ...

Railroad work delays drivers in Kirkwood

Railroad work delays drivers in Kirkwood

   Drivers on Kirkwood Road are used to waiting for the train, but that wait is a little longer today.      Union Pacific crews are making a critica...

GOP lawmakers introduce term limits bill

GOP lawmakers introduce term limits bill

   SPRINGFIELD, Ill. (AP) - Illinois Republican leaders have introduced a proposal that would force statewide officers to serve a two-term limit.    Sena...

Kane leads Blackhawks past Blues, 4-3 in OT

Kane leads Blackhawks past Blues, 4-3 in OT

   CHICAGO (AP) - Patrick Kane scored his second goal of the game at 11:17 of overtime, and the Chicago Blackhawks beat the St. Louis Blues 4-3 on Wednesday night to e...

SLFD battles two-alarm home fire

SLFD battles two-alarm home fire

   Fire fighters are working to keep a two-alarm fire in north St. Louis from spreading to adjacent homes.      The blaze broke out in 5000 block of...

UPDATE: 3 American doctors killed by Afghan hospital guard

UPDATE: 3 American doctors killed by Afghan hospital gu…

   KABUL, Afghanistan (AP) — Police in Afghanistan say a security guard has opened fire in a Kabul hospital, killing three foreigners and wounding one other person. ...

Camilla's brother dies in NY of head injury

Camilla's brother dies in NY of head injury

   NEW YORK (AP) — The Prince of Wales and his wife, Camilla, are "utterly devastated" by the death of her brother, who fell outside a hotel bar and suffered a head in...

© 2013 KTRS All Rights Reserved