US. House committee approves sweeping pension bills
Two comprehensive pension reform bills were OK’d by an Illinois House committee Tuesday, but their fate in the full House is far from certain.
The House Personnel and Pensions Committee approved House Bill 4027 and House Bill 4045, which are identical except that one is sponsored by House Republican Leader Jim Durkin and the other by Rep. Barbara Flynn Currie, D-Chicago.
Both bills combine a pension reform promoted by Senate President John Cullerton, D-Chicago, with a number of money-saving pension ideas floated earlier this spring by Republican Gov. Bruce Rauner during his budget speech, including things like spreading out the time for pension systems to absorb losses and requiring schools to cover pension costs for higher-level salaries.
The bills also create 401(k)-style retirement plans that new employees can opt into. And they would establish a new retirement plan that combines parts of a traditional pension plan with a 401(k). The bills also create a plan that allows people who are vested in state pension systems, but no longer active, to cash in their benefits for a lump sum.
Full Content: The State Journal-Register
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