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Progress in Pension Reform

Story Created: Mar 8, 2013 at 11:47 AM CDT

Story Updated: Mar 8, 2013 at 11:47 AM CDT

House lawmakers approved one piece of a pension reform proposal at the capitol yesterday (3/7). The unfunded liability in the five state pension systems continues to climb to nearly $100 billion.

Lawmakers voted to cap the salary a pension can be based on for current employees. That number is the same as the social security wage base, or $113,000.

The Commission on Government Forecasting and Accountability estimates the cap would save the state $632 million in the next budget year, and a total of $44 billion over the next 30 years.

The House voted 65-7 to approve it, but most Republicans did not vote. They're not happy with the way the Democratic House speaker is bringing the ideas to the floor without any prior discussion in committee.

Story by NewsChannel20.
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