Monday, May 30, 2011

SB 512 Seems Dead until Fall!

Pension bill dead this session. Postponed until Fall!

May 30, 2011
We are absolutely committed to reforming Illinois’ public pension system for current employees. It must be done to stabilize our systems and address long term financial issues for both the public employee pension systems and state government.
We believe passage of legislation addressing this issue is essential to the state’s well being.
It was made very clear during the May 26th hearing in the Personnel and Pensions Committee that both those who support pension reform and those who are opposed to Senate Bill 512 acknowledge we have a problem and something must be done.
Our goal is to enact reforms to our pension systems that provide a long term solution for both those who are members of the pension systems and those who fund them.
We will convene meetings over the summer to address the issues and concerns that have been raised and work toward a solution in this year’s Fall Veto Session. [Emphasis added]
-Illinois House Speaker Michael J. Madigan
-Illinois House Republican Leader Tom Cross
-Tyrone Fahner, President, Civic Committee of the Commercial Club of Chicago


Anonymous said...

Pay now or pay later. The Pension Reform Bill 512 will pass since there are no other options left, and raising taxes will not happen again after the disastrous measure Governor Quinn passed recently, which he is now making backroom deals to keep big businesses from leaving Illinois. It is unfortunate but inevitable.

Anonymous said...

Just like Social Security. "Greedy geezers" took more than they put in and now the chickens are coming home to roost on all these schemes. And the Supreme Court (US) says there is no constitutional right to ANY of your social security benefits, even if you paid for 50 years.

Young people are suckers.

i-History said...

Then again, young people haven't paid in and many of them (especially at SIU-C) get free money: Pell grants, MAP grants, etc.

The problem isn't ONE promise (pension), it's a thousand promises. Political scientists call this "interest group liberalism." And when it becomes too much people argue:

"take away your's, not mine."