November 29, 2013

IT'S A START:

Don't let politics kill a good pension deal (Chicago Sun-Times, November 29, 2013)

The state's top legislative leaders reached a deal Wednesday to cut pension costs for teachers, state and university workers and legislators. State lawmakers should ratify that agreement when they return to Springfield on Tuesday. The deal is the closest the state has come to passing a desperately needed pension reform package in years. Lawmakers owe it to taxpayers not to blow this. [...]

The plan, slated to save $160 billion over 30 years, includes a reduction in cost-of-living raises for retirees but in a way that shields long-term, lower income state workers and keeps up with inflation; a phased-in higher retirement age; a clause to help prevent the state from skipping pension payments; a slight drop in employee contributions; and the funneling of some of the generated savings back into the retirement systems.

Posted by at November 29, 2013 8:39 AM
  

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