|House Speaker Michael J. Madigan|
The Civic Federation, a Chicago-based non-partisan government research organization, is supporting House Speaker Michael J. Madigan’s comprehensive public pension reform bill.
That bill, which has already passed the House, is basically competing with another pension reform measure backed by Senate President John Cullerton. His bill has received widespread union backing and has passed the Senate.
In its analysis, the Civic Federation states the Madigan proposal, which includes limiting automatic
annual cost of living increases and slightly raises the employee retirement age, “will produce pension savings of the magnitude needed to stabilize the State’s finances.”
It remains to be seen if a pension reform deal can be reached between the two chambers of the General Assembly. The spring legislative session is scheduled to end in late May.
Read the Civic Federation’s full report here, with an analysis of each pension bill beginning on page 72.