The IL Supreme Court today ruled that retirement health care benefits within the State pension systems are to be considered part of pension benefits that can not be constitutionally diminished or reduced. Paragraph 40 [Emphasis mine] ~ Although some of the benefits are governed by a group health insurance statute and others are covered by the […]
In what has to be one of the most disgusting examples of how the Illinois Pension system is setup, State Rep Kieth Farnham was charged with child pornography. So what did he do? He paid into GARS for 2014 to make sure he had a full 6 years to base his retirement on. That is […]
The Institute for Government and Public Affairs has started its justification for raising taxes via the progressive income tax. Via Reboot Illinois. Illinois has a chronic, structural fiscal problem so huge that it cannot be eliminated by increases in economic growth alone, increases in taxes alone, or—alas— aggressive pension changes alone. (1) In early December […]
What will happen if the deeper financial reviews discover the pension plan will fall way short of the $160 billion savings estimate?
By Ray Long, Tribune reporter SPRINGFIELD — When Illinois lawmakers narrowly approved major changes to the public employee retirement system last month, supporters touted the measure as saving $160 billion over 30 years. —————————————————————————————— Illinois’ chronic money woes led Wall Street to bestow upon it the worst credit rating of any state in the nation. Since […]
The annual fall Veto Session came to a close this week with no resolution on the biggest financial problem facing state government and taxpayers: A $100 billion public pension debt, which rests squarely on the shoulders of taxpayers and state employees alike. Instead, most of the legislative attention was focused on the issue of same-sex […]
Pension insanity or “Constitutional” insanity or both? The issue of outrageous pensions and salaries continues to be ignored in Springfield as politicians of both parties ignore the real problem with pensions and concentrate on so-called reform that will not work. The problem is salaries are too high and pensions are too high. The problem is […]