The House on Thursday afternoon passed HB1165 which is commonly known as the Nekritz-Biss (Cross) plan.
This plan, which passed 66-50, cuts the 3-percent automatic compounded Cost-of-Living Adjustments on annuities of more than $25,000. It would apply to active and retired participants in all the pension systems except for judges.
The House has previously voted to cap pensionable salaries at $113,700, or the rate of Social Security, and to increase the retirement age by five years for those 35 and younger, increase it by three years for those ages 35-39 and one year for those ages 40-45. There is no change for those 46 and older.
House Speaker Michael Madigan noted at the end of the debate on HB1165 that it’s likely all these changes will be lumped into one omnibus bill and sent to the Senate.
66 YEAS 50 NAYS 0 PRESENT
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Madigan is methodically passing parts of HB 6258.