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Budget Thu Mar 25 2010
Illinois Democrats' Sudden Reform of the Pension System
Progress Illinois has a close look at the pension system reforms that Democrats quickly passed through both houses of the Assembly in the last twenty four hours:
In the blink of an eye yesterday, the General Assembly passed (by a wide margin) a historic overhaul of Illinois' public employee pension system. Facing the possibility that the state's bond rating might be downgraded next month when the state borrows about $1 billion to fund a portion of the capital construction plan, the Democratic leadership whipped into action, tossing together legislation that whizzed through the Statehouse in less than 12 hours.
It's important to remember that these cuts do not effect current employees; opening those contracts (the benefits are outlined here) would likely violate the state's constitution. The changes only apply to new hires in 13 of the state's systems. So let's review what the bill does and how much money the Pension Modernization Task Force estimates the changes will save between 2010 and 2045:
Follow the link for a thorough analysis by PI's Adam Doster.
Please / March 25, 2010 3:49 PM
If it was that easy to pass, it is a worthless piece of reform. If there were any serious and structural reforms, it would have more opposition, given how state leadership is in the union pocket.
This is just window dressing - something to point to during an election year that is going to be unkind to democrats and incumbents...