A stunning pension suggestion – Illinois Education Association

18 Mar

Monday’s editorial from the Chicago Tribune, unsurprisingly, calls for the Illinois General Assembly to pass pension-cutting legislation opposed by IEA and the other members of the We Are One Illinois labor coalition.

Nothing new about this…

We support Senate Bill 35 as the best framework for pension reform. The bill would require rank-and-file state workers, teachers, university personnel and lawmakers to pay 2 percentage points more from their paychecks toward their retirement packages. It would require workers ages 45 and younger to stay on the job longer before they could retire. It would limit compounded cost-of-living increases in retiree income. It would shift, gradually, teacher retirement costs for all new hires onto local school districts instead of the state.

Over 30 years, the legislation would pay down substantially the $96.8 billion in unfunded pension liabilities. It would cover the system’s annual costs going forward — costs the state at times has neglected to pay.

Sponsored by Sen. Daniel Biss, D-Evanston (and in the House by Rep. Elaine Nekritz, D-Northbrook), the legislation is not a panacea. It cannot please everyone. It cannot absolve Illinois lawmakers’ past pension sins.

“Past pension sins?” More…

via A stunning pension suggestion – Illinois Education Association.

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