A new pension reform bill was introduced Wednesday that calls for higher employee contributions, limits on retirement cost-of-living adjustments and a hybrid retirement plan for recently hired educators.

Backed by House Republican Leader Tom Cross of Oswego, Rep. Elaine Nekritz, D-Northbrook and others, the plan was touted as the latest, best hope for the state to resolve its pension problems.

“This proposal has a lot of momentum,” Nekritz said at a Statehouse news conference.

The bill is similar to legislation drafted by Nekritz and Sen. Daniel Biss, D-Evanston, late last year, but which wasn’t passed by either chamber.

Employees would contribute 2 percent more toward their pensions, and retirement cost-of-living adjustments would be limited to the first $20,000 or $25,000 of retirement income, depending on whether a retiree qualified for Social Security. It also raises the retirement age on a sliding scale.

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