RSS Feeds
increase permanent to pay for state employee pensions. Lang says the
state would pay taxpayers back over time.
Lang said the state
would rebate taxpayers for any amount that's collected over the annual
pension payment from the 67 percent tax increase. The hike was scheduled
to expire at the end of 2014.
Once 2020 hits, the state would also pay back taxpayers another $1 billion per year from pension bonds scheduled to expire.
Lang's pension reform plan includes
- a 3 percent increase in employee contributions, phased in over six years.
- a later retirement age of 67.
- a shift in teacher pension costs from the state to colleges, universities, and school districts over 17 years.
have a responsibility to fix it, and we have a responsibility to have
shared sacrifice," Lang said. "If the people of Illinois want to
continue to have state employees, we're going to have to figure out a
system where we can have state employees."
Lang's plan requires
retired employees to shift to Medicare at age 65. The Chicago-area
Democrat would include a guarantee the state makes its pension payment.
That would happen through a 50-year increase in payments to bring the
state's five public pension systems to 80 percent funding.
We reached out to a number of people to find out what they think.
Senate
President John Cullerton said the negotiating table is large enough to
accommodate many of the ideas in this plan, but House Republican leader
Tom Cross does not like it.
The We Are One Illinois coalition of
unions is also reviewing Lang's proposal. Lang said the ramp-up of
payments over 50 years will accrue interest over time. He said the money
from the income tax increase will be dedicated to paying for pensions.
 |
|
|
Related Stories
- Regional News
- National News
- International News
Moline aldermen to consider backyard chickens
Legislature's special session to cost $40K a day
Ex-judge in drug case hopes for delayed trial
Chicago park gets huge-format entertainment screen
Waukegan library to receive Ray Bradbury's books
Colleges plan training for gas drilling jobs
Former police chief pleads guilty to fraud charges
Chicago park gets huge format entertainment screen
Sword stolen decades ago on way back to Brown U.
Futures rising as Fed gathers in Washington
Intel chief: NSA foiled dozens of terrorist plots
Former Pa. teacher charged for classroom piercings
Ed Koch's tombstone engraved with wrong birth date
Price forecasts suggests tame inflation
Audio experts testify in Zimmerman trial, again
Va. site of Pocahontas rescue will be preserved
New form of protest in Turkey: standing silently
Jordan's king endorses treaty with UK
Lavrov: Iran ready to stop 20-percent enrichment
Thailand admits losing $4.4bn from rice scheme
Poland checking files on Nazi unit commander
Fed meeting keeps markets in check
Meteorologists meet to mull weird British weather
Oil prices fall toward $97 before US Fed meeting
Golf Card
The perfect gift this summer...a WICD15 Golf Card!
Illinois Central TV
Every week "Illinois Central" brings you the stories about the people in Central Illinois, from area history to the arts, the great outdoors to health and fitness.
Automotive
Find valuable information about buying your next car, including price quotes and your latest automotive news.
See It Shoot It Send It
Did you catch that incredible sunset? Do you have a photo for your adorable child or pet? Did you snap a picture of breaking news?
In The Loop
Receive Life Advice from Leadin Experts, Share Music, videos and much more!
Hey! It's Half Off
Hey! It's Half Off has 1/2 off deals for businesses where you live. Find deals for area restaurants, spas, stores, and more!
School Closings
Get the latest information on delays and closings for your school here!
Community Calendar
Find all of the information you need on the local events, concerts, festivals and just about anything else going on in your community!
NewsChannel 15 Top Stories
 |
|
|
Newsmax Headlines
Entertainment News
"THE VOICE" FINAL PERFORMANCES
LOS ANGELES (AP) -- Adam Levine doesn't have a singer left on "The Voice."
Business News
Uncertainty over US stimulus drags shares lower
TOKYO (AP) -- Jitters over a possible change in U.S. stimulus efforts by the Federal Reserve helped pull share prices mostly lower in Asian trading today.
Consumer Info
BC-US--Dow Record-Three Personal Stories, 1st Ld-Writethru,1173
Dow Record: Three tales of ups, downs and changes
AP Photo FX102, FX103
Eds: With BC-US--Dow Record. Adds photos.
By SCOTT MAYEROWITZ
AP Business Writer
NEW YORK (AP) -- When the Dow first crossed 14,000, investors were overjoyed. ...
Get This
HOUSE OF CARDS
ANNAPOLIS, Md. (AP) -- The Maryland State House is getting a promotion -- to the U.S.
Science/Tech News
IN THE NEWS: PRESIDENT OBAMA DEFENDS NSA SPY PROGRAMS
WASHINGTON (AP) -- Until they were revealed earlier this month, few people knew about the National Security Agency's spying programs.
