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September 2, 2014, 1:52 am
970 WMAY News

Stripped-Down Pension Plan Passes Illinois House


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

 

Springfield-area representatives Raymond Poe and Sue Scherer both voted against the proposal.

 

Critics contend that it represents an unconstitutional diminishment of promised pension benefits.

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