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 […]
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A pension solution — use Social Security formula
Filed Under: Public Pension Crisis, Top Stories Tagged With: Illinois Pensions, pension COLA, public sector pension crisis
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 […]
Filed Under: Public Pension Crisis, Top Stories Tagged With: Illinois credit rating, Illinois House Republican Leader, Marc Levine, pension crisis, Standard & Poor, Tom Cross
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 […]