Illinois has a constitutional protection for public pensions. This structural defect must be removed before ANY pension relief aid.”””
Pretty sure Illinois is NOT the only state with such rules.
“Illinois has a constitutional protection for public pensions. This structural defect must be removed before ANY pension relief aid.”
“Pretty sure Illinois is NOT the only state with such rules.”
The problem is, the courts in Illinois have interpreted that to mean that _upon hire_. So, day one of your employment, whatever setup was guaranteed must be guaranteed the day you retire. I’ve always wondered why that seemed to only apply to state employees. SO, Illinois can’t touch the pensions of retirees (that seems fair), but also they can’t touch that of anyone presently working for the state, either.
Have these people even heard that virtually every Fortune 1000 company had gone from a guaranteed amount pension to a investment contribution 401k in the last 20 years??? I will get a pension, but there were no contributions to it in 15+ years (instead, they contributed (fairly generously) to a 401k). If I didn’t like it - I was free to leave.