The new pension deal makes changes to retirees’ annual cost of living raises, ups the retirement age for workers under 46, puts a salary cap on pensionable salary, and asks workers to contribute one-percent less of their salaries toward pension benefits. This plan received no local support in either the House or the Senate, and State Representative Dan Beiser (D-Alton) says you can see the split in thinking by looking at a map.
He says with one exception, Southern Illinois lawmakers voted against this bill.
State Senator Bill Haine (D-Alton) says he supported a better bill in the spring.
House Speaker Michael Madigan says the change was needed because the pension systems are too rich, and the state can no longer afford the current set up. Union members say the new formula means retirees will lose out on about one-third of their pension benefits after 20 years. Beiser expects lawsuits challenging the bill's constitutionality will be filed within 24-hours of the governor signing the bill into law.