Speaker Madigan is continuing his practice of holding “test votes” on pension amendments on Thursdays. Today three unfair, unconstitutional, pension-cutting amendments will be put up for a vote to House Bill 1154:
HB 1154, HA 6 – freezes COLAs for ten years
By freezing cost-of-living adjusments (COLAs) for a decade, senior citizens would be left defenseless against inflation for a decade, no matter how high it rises from now until 2024. Yet, senior citizens tend to consume goods and services that are more susceptible to inflation, such as prescription drugs or health care.
HB 1154, HA 7 – caps pensionable salary
Caps on pensionable salary create disincentives for hiring and recruiting for critical public professions, particularly ones that require advanced degrees, such as those in the medical or higher education fields. It can also hurt filling these certain civil service positions, which is often a more cost-effective practice than contracting out for expensive, specialized services.
HB 1154, HA 8 – increases employee contributions by 4%
Illinois’ pension systems would have the second or third highest contribution rates in the nation under this amendment.