A new pension package co-sponsored by Illinois House Republican leader Tom Cross (R-Oswego) and House Speaker Michael Madigan (D-Chicago) is expected to reach the House floor for a vote later today. Cross says the new measure is similar to the one he crafted with State Representative Elaine Nekritz (D-Northrbrook) but does not include shifting pension costs onto local school districts.

Cross Comments

The new bill changes retirees' annual retirement increases by giving them the lesser of either 3-percent of their annual annuity or a total equal to their numbers of years of service, multiplied by $1,000. It would also reduce the salary on which pensions can be calculated to $109,000dealing with the pension cost shift is expected to follow this package in the coming weeks.