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Where the TRUTH starts. Public Pension Reform. Law Enforcement News. Officer Down News. Collective Bargaining. Corruption. - See more at: http://www.dukesblotter.com/#sthash.gzOejJCT.dpuf

Officer Down

Monday, May 6, 2013

PENSION: What's in the Illinois House pension bill

--Every story that reports what is in Senate Bill 1 regardless of their political sway allows you to see more and more of what is actually in it.
This is more than we can say for the legislators because they don't actually read the bills they vote on.
House Amendment 1 to this bill is 277 pages long and they just don't have time to read all the bills that are put before them.
Duke

Story at Chicago Tribune

7:46 AM CDT, May 3, 2013

The Illinois House approved a comprehensive pension overhaul Thursday. Here's what's in it:

•Whom it covers: Applies to state government workers, teachers outside Chicago Public Schools, state university employees and the General Assembly.

•Workers pay more: Employees would kick in 2 percent more toward their pension costs, with the increased contribution spread out over two years starting in July.

•Working longer: Minimum retirement age raised for those 45 and younger. For those under 35, it rises by five years. For those 35-40, by three years. For those 40-45, by one year.

•Cost-of-living increases: Instead of doling out 3 percent compounded yearly pension bumps on the entire amount of a pension, the new proposal focuses on how long employees worked. The new limit is based on $1,000 for every year of service. So a retiree who worked 30 years would get to apply a cost-of-living increase to the first $30,000 of the pension. The cost-of-living adjustment would be 3 percent simple interest.

•Delayed perk: Cost-of-living increases would not start until a retiree has reached 67 or has been retired five years, whichever comes first.

•Starting in 2019, the state would pay $1 billion more a year on top of regularly scheduled pension funding payments until funding goals are met. About $1 billion a year currently goes toward repaying loans to help make regular annual payments.

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