Only 51 percent of black adults reported having some form of work in Illinois.View Report
With the successful passage of 401(k)-style pension reform in Michigan’s state legislature, Illinois lawmakers should examine their own growing pension crisis and pursue bolder reforms to stabilize the state’s finances.
The budget plan proposed by Republican General Assembly members would raise taxes by over $5 billion without enacting any significant spending reforms.
Illinois needs to begin an end to its pension crisis by expanding access to a standalone 401(k)-style plan to all government workers; the new proposal by the House GOP does not accomplish this.
The size of Illinois’ pension crisis requires even bolder pension reform that includes 401(k)-style plans for public employees.
Despite $30 billion in extra tax revenue, the politicians who passed Illinois’ 2011 income tax hike failed to solve Illinois’ pension crisis or pay off the state’s bill backlog.
House Bill 418 would prevent retired police officers from double dipping in the Illinois Municipal Retirement Fund, which has placed a burden on taxpayers at the local level.
Though Illinois Democrats insist Gov. Bruce Rauner’s reform agenda has nothing to do with the state’s budget, Rauner’s original proposed spending reforms would allow the state to balance its budget without hitting up taxpayers for more revenue.
Pensions punish government workers who leave state employment early. 401(k)s don’t.
After just one year of retirement, Madigan’s annual pension will shoot up to more than $130,000.
Illinois Senate President John Cullerton’s pension bill could be unconstitutional, is unfair to workers and based on unproven math, and perpetuates Illinois’ broken pension system.