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.
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.
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.
Illinois state Rep. Barbara Flynn Currie has introduced a pension bill that is unfair to new and current workers, is potentially unconstitutional, bails out Chicago Public Schools’ pensions, and perpetuates Illinois’ broken pension system.
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.
Chicago’s $1.15 billion projected budget gap is the latest in a decades-long string of structural deficits. Making Chicago’s high taxes worse is not the solution.