Call your legislators
toll-free now at 888-412-6570 and tell them to oppose the draft plan by the
conference committee. Click
here to call.
The legislature will be in fall veto
session over the dates of October 22-24 and November 5-7. At any time, the
legislature could vote on a draft plan formed by the conference committee
that’s just as bad as House Speaker Michael Madigan’s Senate Bill 1.
At this point, credible media reports
indicate that the plan includes:
1. Half-CPI COLA. This cut replaces
the 3% compounded cost-of-living adjustment (COLA) with a COLA that only keeps
pace with half the inflation rate. This “Half-CPI” COLA means pensions will
always lose value to inflation by design, and senior citizens won’t be
able to keep up with rising living expenses. The Half-CPI COLA cuts pensions
essentially as deeply as SB 1.
2. COLA holidays -- up to five years. On top of the
Half-CPI COLA cut, the plan mandates COLA holidays of up to five years –
again, similar to SB 1. These long COLA holidays further erode pension values
and harm retirement security.
3. Cap on the
amount of salary that earns a pension. This
cap ignores the mandatory overtime worked by many public employees, especially
those with physically-demanding, high-risk professions.
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