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Sen. Cullerton backs pension reform that will supposedly save $138 million

11 months, 3 weeks ago From sj-r.com

Illinois Senate President John Cullerton said Wednesday he’s working to build support for a compromise pension reform plan that would save $138 billion over 30 years.

“There’s a compromise that we’re talking about right now,” Cullerton told the editorial board of The State Journal-Register. But he said that while the legislative pension reform committee  worked to develop and evaluate the plan, that group has yet to reach agreement.

The Chicago Democrat said he supports the plan, adding that he hopes it can be acted on during the veto session scheduled to begin Oct. 22.

Elements of the compromise include having what is now a 3 percent compounded cost of living adjustment added to pension payments changed to half of the Consumer Price Index. Cullerton said the COLA couldn’t drop below 1 percent.

“It has a ceiling of 4 percent,” he added, “which is important because if there is inflation, there could be an actual opportunity for people to … get more than they’re getting now.”

Estimates are that the proposal would have state pension funds fully funded by 2043.



Read more: http://www.sj-r.com/breaking/x452546738/Cullerton-backs-pension-reform-plan-to-save-138-billion#ixzz2gfwDdVMz


From the Newsroom

QuincyJournal on Twitter

QuincyJournal 21 minutes ago

Iowa company pitches Newcomb development proposal - Hobart Historic Restoration wants to build $3.9 million apartm... http://t.co/D3LhR9gTcY
Bob Gough on Twitter

Bob Gough 43 minutes ago

@DanLucySports God bless, Dan.
Bob Gough on Twitter

Bob Gough 3 hours, 34 minutes ago

@ursadailynews The City is planning to take out insurance to cover that in case it falls through.
Bob Gough on Twitter

Bob Gough 3 hours, 58 minutes ago

@ursadailynews No. Hobart is seeking $1.8 million of equity from the city as an incentive. Money would come from the TIF.