As Illinois elected leaders continue to delay action on pension reform, a broad and bipartisan coalition has succeeded in pushing for reforms to public employee benefits in New Mexico.
Illinois Gov. J.B. Pritzker previously floated a pension plan that included pawning-off state assets, taking on more high-interest debt and reducing pension funding before walking back the plan amid criticism. Here’s a real solution.
More than 25% of state revenue already goes to pensions and retiree health care, but Illinois would need to double that to fully fund promised benefits at current levels.
House Bill 5760 would stop lawmakers’ scheduled cost-of-living adjustment. Illinois lawmakers are the fifth-highest paid state lawmakers in the nation.
The plaintiffs in the SB 1 case are asking the court to do something extraordinary: to hold, in effect, that pension benefits should receive stronger protection than any other type of constitutional right.
There’s immense pressure on Illinois legislators to pass a pension bill. With the state pension system nearing insolvency and credit agencies warning of further downgrades, the perceived wisdom is that any pension fix, no matter how small, is a “step forward” that must be passed. But when it comes to pension reform in Illinois, that...