Illinois Lawmakers Inch Along on Pension Reforms

March 14, 2013

Illinois House members have approved two small pieces of pension reform in a laborious process aimed at solving Illinois' nearly $100 billion pension crisis.

Lawmakers have been zeroing in on the problem in small doses after a more traditional legislative route was unsuccessful. Their goal is to find consensus on components of reform.

On Thursday the House approved two amendments, sending them over to the Senate. They're both part of bigger plans.

The first amendment caps the salary that pension benefits are based on at the limit set for Social Security, currently $113,000 a year. The other amendment pushes back the retirement age by different increments based on age group. For example, younger employees will see a later retirement age.

Story source: AP