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Illinois Legislators Set Forth Pension Reform Proposal
Burypensions Link to more items from this source
Dec. 1, 2013
"All pension matters, except pension pickups, are removed from collective bargaining.... The State will contribute (i) $364 million in FY 2019, (ii) $1 billion annually thereafter through 2045 or until the system reaches 100% funding, and (iii) 10% of the annual savings resulting from pension reform beginning in FY 2016 until the system reaches 100% funding.... Employees will contribute 1% less of their salary toward their pension.... For those 45 years of age or under, the retirement age will be increased on a graduated scale.... Beginning July 1, 2015, up to 5% of Tier 1 active members have the option of joining a defined contribution plan."

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