The law, which is similar to Chicago’s food-truck rules, was changed when San Antonio’s city attorney advised the city’s best bet was to change its rules as opposed to going to court.
Although the Illinois Supreme Court has ruled that altering pension benefits of current government workers violates the Illinois Constitution, there are still actions – from politicians voluntarily reforming their own pension system, to allowing municipal bankruptcy – that Illinois can take to set government-worker pensions on a more fiscally sound path.
Without real reforms, low investment yearly returns of 4 to 6 percent over the next 28 years could cost Illinois taxpayers anywhere from $100 billion to $200 billion above what they’re already expected to pay in contributions.
Politicians have proven incapable of making the decisions required to maintain the health of Illinois’ pension systems, as they lack the knowledge and actuarial understanding to do so.