Read the rest here...(Reuters) - Illinois House Speaker Michael Madigan on Tuesday proposed a comprehensive plan to fix the state's sagging public pension system - the worst-funded state pension system in the country - with only a month to go in the legislature's spring session.
The 271-page measure sets a cap on salaries used to determine pensions, limits cost-of-living adjustments on pensions for future retirees, increases retirement ages for workers currently under 45 years old, and hikes worker pension contributions by 1 percent over each of the next two fiscal years.
The measure aims for "100 percent funding in 30 years" of a state pension system that is underfunded by $100 billion, according to a bill summary from Madigan's office.
Additionally, the measure exempts pension changes from collective bargaining. (Emphasis mine A/O)
"We think this is a bill that has a good chance of getting through both chambers and onto the governor's desk," said Steve Brown, Madigan's spokesman.
http://www.reuters.com/article/2013/04/ ... 7O20130430
It's not how I would do it if I were a dictator. But it does actually sound like something resembling sanity may be about to appear in Illinois politics. Who would have imagined such a thing? Alas the Unions are all powerful.