IL House Approves Pension Reform For Lawmakers, Judges
On Friday, the Illinois House unanimously passed a bill establishing a two-tiered pension system for state lawmakers and judges. New legislators and judges would not be able to draw full pension benefits until the age of 67 and the size of the pension would be based on 60 percent of their final salaries, among other changes. House Democrats say the bill would save the state $1.65 billion by 2045.
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To keep up with the cost of living ,pension benefits for law makers and judges increase at the rate of 3 percent every year or it is based on CPI(consumer Price Index) which ever is lesser.
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