Pension reform passes the House.. (Springfield: how much, income, tax)

[MassVt]

..while awaiting a vote in the (state) Senate..

This is an issue that every single state will have to deal with: underfunding of pensions. Remember when this issue was made famous by NJ gov Chris Christie on "60 Minutes"?

Social Security will probably go through the same negotiations on the national level..

[chet everett]

There are no guarantees on Social Security, no fake tears from organized labor, no "30 years till it is funded" nonsense...

The unsustainblilty of "defined benefit" plans was recognized by private industry more than two decades ago. It is lunacy to think that multiple generations of tax payers will be expected to shoulder the burden for something that only public employees can expect to be gifted with.

[UPChicago]

Idk if the states pension is similar but under the second pension plan for the county you have to work 40 years and retire at 62 to get 80% of your income for your annuity honestly a 401k may be better.

[Maintainschaos]

And is anyone at all surprised that it was Madigan's supposed plan that got passed and none of the previous plans...?

[Maintainschaos]

There's also a much more comprehensive article than what appeared in the Tribune from the State Journal-Register:

Illinois House OKs Madigan pension reform plan - Springfield, IL - The State Journal-Register

[Attrill]

Originally Posted by MassVt

Remember when this issue was made famous by NJ gov Chris Christie on "60 Minutes"?

Forget Chris Christie, Dawn Clarke Netsch made adequate funding of pensions a cornerstone of her 1994 campaign for governor. The fact that no one paid attention to her then allowed the underfunding to continue for decades.

[chet everett]

The decision to lock-in pensions in the state constitution which Netsche authored should tell you where the trouble started...

This is a just another bandage, given the heinous gangrene ridden nature of the corrupt state controlled pensions nothing short of a systemic amputation will be enough to solve the problem -- there has to be a move toward 401k / 403b type benefit plans. Most other employers did this decades ago. That Illinios refuses to face facts on this should be very telling as to just how much contempt elected officials have for ordinary citizens...

[MassVt]

Originally Posted by chet everett

The decision to lock-in pensions in the state constitution which Netsche authored should tell you where the trouble started...

This is a just another bandage, given the heinous gangrene ridden nature of the corrupt state controlled pensions nothing short of a systemic amputation will be enough to solve the problem -- there has to be a move toward 401k / 403b type benefit plans. Most other employers did this decades ago. That Illinios refuses to face facts on this should be very telling as to just how much contempt elected officials have for ordinary citizens...

"...bandage...gangrene...amputation..."

The prognosis from Dr. Chet Everett ( not yet board-certified)

[gomexico]

Originally Posted by MassVt

..while awaiting a vote in the (state) Senate..

This is an issue that every single state will have to deal with: underfunding of pensions. Remember when this issue was made famous by NJ gov Chris Christie on "60 Minutes"?

Social Security will probably go through the same negotiations on the national level..

The State of Illinois has about 100 Billion in pension obligations and most of that is unfunded, if I'm recalling correctly. The neglect and mismanagement of the pension obligations has been bi-partisan and occurred over the span of probably 30 years or more. It's a shameful situation which has placed a huge financial obligation on the taxpayers of Illinois. The Senate President has his own legislation he want's to advance so it'll be interesting to see whose proposal is approved. I'm betting on Madigan's.