The Illinois Senate unanimously passed House Bill 140, a bi-partisan measure sponsored by State Senator Dan Duffy (R-Lake Barrington). Duffy worked with State Rep. Jack Franks (D-Marengo) to pass the legislation, which would eliminate benefits packages currently afforded to part-time members of state-funded transit boards. “Illinois is notorious for its large number of wasteful boards and commissions,” said Duffy. [...]
Madigan vs Cullerton on Pension Reform
May 16, 2013 By 2 Comments
Below is the Reboot Illinois comparison of the Madigan vs Cullerton Pension reform bills. Neither bill fixes the system permanently and yes both will end up in court. The pension guarantee in both bills is the most disastrous part of the bills that would allow the state to continue to increase benefits, spend out of [...]
No matter what pension bill passes, a lawsuit is guaranteed
May 14, 2013 By 5 Comments
I couldn’t help but roll my eyes at the news this week that the Illinois Retired Teachers Association says it will sue even if the most wimpy pension reform bill – backed by the government worker unions – becomes law. Political pundits were busy wringing their hands and bemoaning the “loss of momentum” for this [...]
Z-gram 03: Why does the worst teacher in every school get a 26% salary boost prior to retirement?
May 13, 2013 By 2 Comments
One item adding to the huge pension unfunded liability is automatic 6% salary increases for teachers four straight years prior to retirement. This 26% (compounded) increase goes to any teacher retiring with 30 years-service credit. And remember 30 years-service credit usually means 28 years work plus 2 years sick-leave credit so 28 years actually worked. [...]
Pension Shift is Still Alive and Well in Springfield
May 12, 2013 By 3 Comments
The pension shift is still alive and well in Springfield. Both the Springfield Journal Register and the Daily Herald reported that Speaker Michael Madigan says there will be a pension shift. Springfield Journal Register: Illinois House Speaker Michael Madigan made it clear Thursday that he will pursue a proposal to shift the cost of downstate [...]
Oberweis: Senate’s Pension “Reform” Bill Doesn’t Solve Problem
May 10, 2013 By 5 Comments
SPRINGFIELD – State Sen. Jim Oberweis (R-Sugar Grove) issued a statement about Senate Bill 2404 – the Senate’s version of pension reform – that passed the Senate May 9 by a 40-16 vote. Oberweis said he voted “no” on Senate Bill 2404 because it falls short on its intended goal of cost-savings to the state. [...]
Unions Cut Pension Deal With Cullerton; Oppose Madigan Bill; Taxpayers Lose Either Way
May 7, 2013 By 10 Comments
The public sector unions have cut a deal with Senate President John Cullerton on Pension Reform. Below are charts showing the overview of the bill, via Reboot Illinois. This Bill SB2404 continues to contain a pension guarantee, just as Madigan’s SB1 allowing the unions to take the state to court to force payments. However it [...]
Pension reform: Who you gonna believe Madigan or Moodys?
May 7, 2013 By 5 Comments
Endorsed by Jack Roeser, Family Taxpayers Foundation Illinois is all-abuzz about the most recent “so-called” Pension reform coming from the King of Springfield, Michael Madigan. Basically Madigan is addressing an issue that probably doesn’t exist: a $95 billion unfunded pension liability. That is because Moodys says it is $230 billion and if Moodys is right [...]
Public Union Pension Bill Passes 40-16
SB2404, the Union backed deal with Senate President Cullerton on a vote of 40-16. It was aided by Republicans, Pam Althoff, Mike Connelly, Sam McCann, and Chapin Rose. See the full vote below. The We Are One Coalition is estatic with it’s passage. “Our coalition is encouraged by this powerful show of support for a [...]