No solution for Illinois Pension problem?

No solution for Illinois Pension problem?

It seems that Illinois’ pension problem will continue to persist as a panel of financial experts failed to give a comprehensive solution to the problem. The experts sat down and had a discussion on Monday at the City Club of Chicago. However, they acknowledged that Illinois has a pension problem and that must be addressed now.

Civic Federation President Laurence Msall said that “Why are we waiting for the problem to get bigger rather than addressing it while we have the opportunity?” There was legislative presence as well as state Sen. Heather Steans of Chicago is optimistic that the problem can be solved. She was the only legislator in the three-person panel. Steans joked that she is taking a bullet for taking part in the event as she was a minority in the deficit hawks crowd.

The panel included Msall, head of a business-oriented government watchdog, and Adam Schuster, budget and tax research director at the vociferously anti-tax Illinois Policy Institute. Keeping everything ‘normal was the moderator Kristen McQueary. McQueary is famous, herself, for raising the pension issue as a Tribune columnist in Springfield

The panel may have disagreements but they agreed that the public pensions are a problem for the state. Steans used the opportunity to say that there is $130 billion unfunded pension liability for the state. McQueary said, “It’s very real and something Springfield needs to focus on and fix.” Schuster has called this problem as “the most severe public-policy problem that we face in Illinois.” Schuster also said that this problem can’t be solved through tax hikes.

Steans had offered a series of proposals that could help solve this growing problem. She began with raising additional money for pensions which included Gov. Pritzker’s ‘fair tax’. She also gave the idea of a ‘consideration model’ which will enable the public workers to choose between pensions based on raises on the job or on cost-of-living increases after retiring, but not both.

Staff writer for the Chicago Morning Star

Related Posts
AFL-CIO Building Investment Trust hosts worker appreciation luncheon at Salesforce Tower project
The AFL-CIO Building Investment Trust (BIT) and the AFL-CIO Investment Trust Corporation (ITC) recently hosted a
Restore Illinois Plan. Northeast Region Weekly Update April 10, 2021
I hope this message finds you safe and well.  Starting on Monday, April 12th, the
Steel top 2021 biosteel all-american game roster with five selections
The Chicago Steel will be represented by five players, the most of any team in
Former Scott AFB Airman Sentenced to Prison For Distributing Child Pornography
East St. Louis, Ill. – Jace Faugno, 25, of Paducah, Kentucky, has been sentenced to
Data Centers Recieve Credits & Incentives from Illinois
The data centers investment program provides owners and operators with exemptions from a variety of
Illinois Set to Enact New Law Limiting Criminal Convictions in Employment Decisions
Illinois has long limited employers from considering the criminal history of an applicant or employee
$31 million building permit issued for 12-story Fulton Market building
Chicago has issued a $31 million final building permit for 12-story office building at 237
Village of Machesney Park Celebrates 40th Anniversary
On Wednesday, February 24, 2021, the Village of Machesney Park will celebrate 40 years since
Developers break ground on three-building $25 million mixed-income housing project on Chicago’s Near North Side
Evergreen Real Estate Group and Structured Development say they have started construction on Schiller Place Apartments,
Postgame Central at Green Bay Gamblers
GREEN BAY, WISCONSIN — The Chicago Steel (19-6-2-0; 40 pts.) scored six goals in the