Madigan produces pension reform plan

By WEEK Producer

April 30, 2013 Updated Oct 30, 2013 at 5:33 AM CDT

SPRINGFIELD, Ill. -- Illinois House Speaker Mike Madigan (D) Chicago has released details of a pension reform package he is willing to put his name on.

Among the features of Madigan's  proposal: employees of Universities, the State of Illinois and downstate and suburban Chicago school districts would pay more into their pension funds.

But Madigan has deleted a proposal shifting pension costs for downstate teachers from the state to the school districts themselves.

Madigan's plan also ties Cost-of-living increases to years of employment--which could help older employees, but sets a wage cap of just under 110-thousand dollars for determining pension benefits.

The state employee's group "We Are One", rejected the Madigan proposal saying it opposed "unfair, unconstitutional pension cuts."

The bill could get a hearing in committee Wednesday.

Click here for Speaker Madigan's full proposal.

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