If an Illinois worker takes a pay cut during a recession, she knows the state isn’t going to take an even bigger chunk out of her paycheck. That’s because the state income tax rate stays the same. But if her home loses value, too, she could still see her property tax bill go up. Government...View Report
The size of Illinois’ pension crisis requires even bolder pension reform that includes 401(k)-style plans for public employees.
State Sen. Dale Righter, R-Mattoon, has proposed a plan that would give all state workers access to retirement plans that offer portability and flexibility – and an escape from Illinois’ broken pension system.
Lawmakers met in Springfield on Tuesday for a special session on pension reform. After an early morning committee hearing, a gathering of each of the four legislative caucuses and several hours of lengthy floor debates, a pension bill passed the House and Senate, and now awaits Gov. Pat Quinn’s signature. The Illinois Policy Institute adamantly...