Illinois Policy Institute - MEDIA ADVISORY: Sen. Jim DeMint to hold news conference announcing opposition to federal bailout of underfunded state pensions

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MEDIA ADVISORY: Sen. Jim DeMint to hold news conference announcing opposition to federal bailout of underfunded state pensions

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9/18/2012

MEDIA ADVISORY

MEDIA CONTACT: Diana Rickert
Diana@IllinoisPolicy.org or (312) 607-4977

Sen. Jim DeMint to hold news conference announcing opposition to federal bailout of underfunded state pensions

Washington, D.C. (Sept. 17, 2012) — U.S. Sen. Jim DeMint (R-SC) will hold a news conference this week to discuss why Congress should block a federal bailout of underfunded state pension systems. Sen. DeMint will be joined at the conference by John Tillman, CEO of the Illinois Policy Institute. The news conference will be held at noon on Thursday, Sept. 20 at the Cato Institute, 1000 Massachusetts Ave., NW, Washington D.C.

Across the nation, state government pension systems are underfunded to the tune of $2.5 trillion. While many states have tightened their belts, aligning retirement promises with reality, others such as Illinois and California have failed to act responsibly. Illinois faces more than $167 billion in state pension debt, yet in the state’s Fiscal Year 2012 budget book Illinois identified a “federal guarantee of [pension] debt” as one of the possible ways to reconcile the state’s massive retirement debt. On Thursday, Sen. DeMint will join the Illinois Policy Institute and other experts in pledging opposition to a federal bailout of underfunded state pension systems.

WHO:           U.S. Sen. Jim DeMint (R-SC)
                    John Tillman, CEO of Illinois Policy Institute

WHAT:         News conference to oppose federal bailout of unfunded state pension systems

WHEN:         Noon, Thursday, Sept. 20

WHERE:       Cato Institute – Policy Center
                    1000 Massachusetts Ave., NW
                    Washington, D.C.

At the news conference, a website dedicated to the issue will be unveiled. Visit the website at: NoPensionBailout.com

For bookings or interviews, contact: Diana Rickert 312-607-4977

The Illinois Policy Institute is a nonpartisan research and education organization. Our vision is to make Illinois first in economic outlook and job creation, and for Illinois to become a free enterprise leader for the rest of America. As a leading independent research and education organization, the Institute generates positive and sustainable policy solutions for citizens and lawmakers that help unleash talent and entrepreneurial ability. To learn more about the Institute or review our policy work, please visit: illinoispolicy.org.