The benefits of pension reform over time outweigh any upfront monetary or political cost. Surely the governor can make that argument.
selling $6.7 billion in bonds to fund large upfront pension contributions over seven years.
Besides, after several years during which inflation on average grew faster than the 3% rate in Illinois pension plans, representatives of Illinois’ retirees may be more willing to negotiate now than they have been during times when the growth of their pension benefits outpaced inflation.In 2021, the Legislative Black Caucus zeroed in on concerns about public safety, education, economic equity and public health to achieve major reforms.
The Civic Committee — which proposes segregating revenue from the tax hike it proposes into what it calls a “lockbox” devoted solely to pensions — offers a number of additional options. Some are promising, and some polarizing. For example, its proposal to tax retirement benefits would touch a third rail in Illinois politics.
“The question is, is there a way to create escape velocity, getting Illinois into the 40s, into the 30s as it relates toAn escape from the cellar would help improve Illinois’ credit rating, which would reduce the state’s borrowing costs. It also would strengthen Illinois’ appeal as a target for business investment and job creation.When lawmakers in 1994 passed the law that mandated ever-increasing pension payments beginning in 2012, they used faulty forecasts.
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