A pension solution — use Social Security formula

In the classic “sword vs. gun” scene from Raiders of the Lost Ark, Indiana Jones encounters a massive assassin ominously wielding a three-foot sword. We all remember Indy taking pause, shrugging, grabbing his pistol and killing his adversary with one shot. Simple. Effective. In the ongoing Illinois pension saga, Governor Quinn and the incoming General […]

Illinois’ Escalating Pension Crisis – And What to Do About It

By Marc Levine and Tom Cross, Illinois House Republican Leader Originally Published by Crains and Levine on Policy, published with permission. Just a few weeks ago, Standard & Poor’s downgraded Illinois to a credit rating lower than all but one other state, specifically referencing the state’s pension crisis. The downgrade is more evidence that the state’s underfunded […]

Real Pension Reform

Based on our state’s track record managing its pension system, a healthy skepticism of the recent pension reform discussion is warranted. Here’s the verdict. The bill debated last week in Springfield, SB512 (based on HB149), modernizes and reforms the structure of the pension system. It reduce Illinois’s $210 billion unfunded pension liability by about $70 billion, thereby […]