Illinois’ 101st General Assembly can be leaders in pension reform by passing a constitutional amendment that allows for changes to future, unearned benefits.
A former Edwardsville university administrator and a retired judge each have collected more than $3 million in pension payments. Too little paid in with too much taken out is the heart of Illinois’ pension crisis.
Outgoing Mayor Rahm Emanuel is publicly pushing for a constitutional amendment to the state’s pension clause. Pension reform is the only way to combat rising property taxes and prevent further budget chaos in Illinois state and local governments.
Fitch Ratings has issued a warning about a pension plan pushed by one Illinois think tank, which includes no reform and would harm the state’s credit rating. The response from the Center for Tax and Budget Accountability proves how indefensible the plan really is.
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.