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Center for Tax and Budget Accountability’s pension plan doesn’t fix the problem
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What Voters Want - Pension Reform: Charting Illinois's Pension Crisis
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5/11/2011

Download a pdf of this report and chart here.

A January poll asked likely Illinois voters how the state should address its increasing pension payment. Sixty-four percent of respondents said that benefits for current public employees should be reformed to work within the state’s financial constraints.

Earlier this year, lawmakers passed a record 67 percent tax hike. At the time, taxpayers were told the tax increase was needed to protect public services, but the Illinois Comptroller recently revealed that all of the revenue from the tax hike will be needed to pay for public employee pensions. This was not what the people of Illinois wanted.



User Comments
It was in 1995 (I think) that the IL legislature passed and the Gov signed into law the plan to increase funding to the IL pension systems. Like everything they do, they took the easy way out; start off with small payments and have ever increasing payments. It is this law that has been ignored (violated?) almost every year by skipping the required payment to the pension systems. OK, so now we are here. The money was spent elsewhere. It is gone. Is that my fault? Is it yours? Doesn't matter. What do we do? Changing pension calculations from this day forward may well be the least objectionable. Doesn't bode well for those who started under one set of rules and now they will change. But, that's life. They never used to have lights at Wrigley Field, either. I almost hate to agree that this may be what is required.

Posted by Steve on 5/12/2011 4:46:47 PM

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