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Colin Jeffery

Colin Jeffery

Speaker Madigan calls state pension system "too rich"

Tuesday, 03 December 2013 13:28 Published in Local News

SPRINGFIELD, Ill. (AP) - Illinois' House Speaker told a bipartisan legislative committee that the state's pension systems are "just too rich" to be afforded in the future.

Madigan is a Chicago Democrat and the state's longest-serving House Speaker. He says Tuesday that a $160 billion reform proposal was designed to keep long-term low-income workers in mind.

He called the plan a balanced approach, "not just a reduction in benefits."

Leaders announced the compromise last week. A vote is expected Tuesday afternoon.

The proposal pushes back workers' retirement age on a sliding scale, has a funding guarantee, adds a 401(k)-style option and reduces employee contributions.

It'd also replace the current 3 percent annual cost-of-living increases. Retirees would continue to receive that rate up to a certain amount of annuity payments, based on years of employment.

 

ST. LOUIS (AP) - The owners of the Edward Jones Dome in St. Louis remain hopeful the Rams won't leave after city leaders rejected $700 million in upgrades sought by the team.

The Rams can break their lease after the 2014 season but have said little about their plans.

The lease requires the St. Louis Regional Convention and Sports Complex Authority to provide the team with a "first-tier" stadium by 2015, which is 20 years after the building opened.

Missouri Gov. Jay Nixon has taken over negotiations with Rams owner Stan Kroenke after arbitration between the team and the St. Louis Convention & Visitors Commission failed. The commission operates the dome.

Board chairman Jim Shrewsbury said Tuesday that dome officials haven't given up on keeping the team.

Boeing could see incentives that total $1.7 billion

Tuesday, 03 December 2013 13:17 Published in Local News

JEFFERSON CITY, Mo. (AP) - New details about Missouri's bid for a Boeing assembly plant show the state could offer more than $1.7 billion of incentives over two decades.

Gov. Jay Nixon's office released details about the incentives Tuesday to The Associated Press as lawmakers prepared to hear testimony about it in a special session.

Nixon also said a new agreement among St. Louis labor councils could help Missouri compete for the Boeing 777X airplane.

Boeing solicited proposals to build its next-generation commercial aircraft after union members in Washington state rejected a proposed contract that sought concessions.

Missouri's potential package of incentives is based on the jobs created. If Boeing adds 2,000 jobs, the incentives could total up to $435 million by 2040. If Boeing adds 8,000 jobs, the incentives could total $1.74 billion.

 

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