The Illinois House of Representatives passed HB1154 and HB1166 today.
HB1154 limits/freezes pensionable salary of TRS active teachers and other public employees to the greater of the Social Security base for the previous year (currently $113,700) or the annual salary of the member in the previous year.
It does not apply to salaries determined by contracts or collective bargaining agreements currently in place on the effective date of the bill, however. HB1154 passed 101-15.
HB1166 raises the retirement age to 65 for current employees under the age of 35. The bill passed 76-41.
Retirement ages for employees hired before Jan. 1, 2011 would increase by one year for those between ages 40-45, three years for those between ages 35-39, and five years for employees under the age 35. Illinois judges are not included.
Both bills only affect current teachers and other current public employees.