General Assembly in 2010 capped pension benefits for newly hired public employees and elected officials who began their employment Jan. 1 and after. Their benefits can be calculated based on a maximum salary of $106,800, with percentage increases the lesser of half the rate of inflation or 3 percent. Retirement age was increased from 60 to 67.
Franks’ bill [House Bill 146] would impose the same caps and annual pension increase formula on all employees served by the five state-funded pension systems and the Illinois Municipal Retirement Fund.
Click on the following to read all of the opinion: Our View: Long overdue pension reform has new chance | Daily Chronicle