Lawmakers are rushing to adopt pension cuts before new lawmakers are sworn in Jan. 9 and legislation resets. But even as the House works to get a plan moving Monday, the Senate wouldn’t start working on it until Tuesday afternoon — if senators show in Springfield at all. The Senate left Springfield last week with the intention of only returning if the House approved a pension plan.
Despite those lingering doubts, House members debated the plan at length. Under the proposal, teachers, university workers, state employees and lawmakers would see the following changes:
- Teachers and state workers wouldn’t get the usual bump in their annual benefits for the next six years.
- At the end of the six years, the increase in annual pension benefits will be reduced for most teachers and state workers.
- In addition, benefit increases will only kick in when a worker or retiree reaches 67 years old.
- Employees eventually pay 2 percent more of their salaries into retirement funds.
- The state guarantees to make its share of the payments.
- When the state finishes paying off other loans, the money would be put toward its immense pension debt.
Continue reading at the Daily Herald…