Tuesday, October 16, 2012

Pension Reform in Illinois

One true statement in an otherwise useless article (read the bold):

Pension Reform in Illinois | Poli Chi: "Many are now saying it was too easy to pass pension benefits with a 50%+1 voting model, and that it is because of those easily passed pension benefits that Illinois is in the financial crisis it's in now. This pension reform is expected to be the savior of Illinois' credit rating."

Increases are not the problem are they? Illinois can't afford the pensions it currently has--until you have true pension reform--i.e. cutting benefits and automatic increases, increasing employee contributions, etc., any talk of reigning in "future increases" is not solving the problem.


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