SPRINGFIELD, Ill. (AP) — Illinois lawmakers gave a preliminary nod to a money-saving move on Wednesday that would take away a big health care perk for retired government workers, part of a battle over cutting state pension costs.
The proposal by Speaker Michael Madigan, D-Chicago, moved to the House floor after getting approval from the Democrat-controlled Executive Committee. It could become a bargaining chip with a public-employee union angry over looming cuts to pension benefits, particularly because Democratic Gov. Pat Quinn asked lawmakers to adopt it as he negotiates a new contract, according to Madigan.
Quinn wants to reduce the state's annual pension payment by making employees work longer, put more of their pay into retirement funds and get smaller cost-of-living increases after retirement. The unions maintain that would violate the state constitution.
Complete your profile to continue reading and get FREE access to BenefitsPRO, part of your ALM digital membership.
Your access to unlimited BenefitsPRO content isn’t changing.
Once you are an ALM digital member, you’ll receive:
- Critical BenefitsPRO information including cutting edge post-reform success strategies, access to educational webcasts and videos, resources from industry leaders, and informative Newsletters.
- Exclusive discounts on ALM, BenefitsPRO magazine and BenefitsPRO.com events
- Access to other award-winning ALM websites including ThinkAdvisor.com and Law.com
Already have an account? Sign In
© 2024 ALM Global, LLC, All Rights Reserved. Request academic re-use from www.copyright.com. All other uses, submit a request to [email protected]. For more information visit Asset & Logo Licensing.
