(Chicago, IL) – February 22, 2010. Senate President John Cullerton (D-Chicago) is willing to change Illinois ghastly underfunded pension to keep the retirement tub from sinking further.
Give Cullerton two-points for courage.
Crain’s Chicago columnist Greg Hinz snared that precious pension morsel from Cullerton earlier today.
The president of the Illinois Senate says he’s interested in two big changes to shore up the state’s dramatically underfunded employee pension plans — but only two changes.
In an interview before a Chicago speaking engagement, Senate President John Cullerton said he is “interested in exploring” an older retirement age and a cap on the maximum retirement benefit.
But those are potentially “the only changes” he’s prepared to support, Mr. Cullerton added, because, “compared to other states, benefits in Illinois are not overly generous.”
Only last week, the Pew Center on the States rated Illinois dead last among the 50 states in setting aside funds to pay for pensions, with investments now only 54% of projected liabilities.
Gotta bet Illinois AFSCME Council 31 is gonna be, well, peeved with Cullerton.
Oh, well.
Leadership happens.
Gov. Pat Quinn
A teacher gets a teacher’s pension cannot get social security even if worked in private sector for years. A teacher does not get the spouses social security when spouse dies. Politicians did not want Teachers. cops or firemen double dipping, probably because the aforementioned were not elected.How about making the politicians choose one pension from the public trough? How about the pension you get when you retire is the pension you stay with. Judges routinely come back for a few months to boost up their pension. Get the torches ready. Politicians to the wall!
Posted by Jim Sather | February 22, 2010, 3:06 PMIn a nation where “all men are created equal’ all men (and women) should receive the exact same retirement benefit. Social Security or 100% social security parody. I am sick and tired for paying for every one in the public sector to retire lavishly while I will have to work into my 80′s to pay for their trips to the Bahamas. I also believe that all state and local employers should have a mandatory 401k with 50% match to the firt 2500, and 25% above that to the limit of 15,000.00/yr. In this way and only in this way will Taxes remain under control, and public resentment wane. Atre you listening Governor Quinn?
Posted by Doug Roseman | March 17, 2010, 10:53 AM