Rauner's IL Pension Fix - Not Only Fair, but Brilliant

[GHook93]

What would Rauner pension plan look like
“Freeze the current pension system, protect all the benefits that have been honestly accrued and paid into,” Rauner said in an interview, “but create a second pension plan for future work that’s much more flexible and more affordable, more of a defined contribution plan, 401K style plan.”

“Under a defined contribution plan, it’s a fixed,” VanMetre said. “Say it’s a seven percent match, it’s seven percent of payroll every year going forward and it’s a known cost for the state which makes it very easy to budget for retirement costs.

If Rauner can accomplish this, then he will be a god amongst men!

 

[Mr. H.]

Madigan.

 

[Dont Taz Me Bro]

It's going to be quite an undertaking. The current pension system, like in most states, is grossly underfunded. How are they going to shore it up?

 

[initforme]

Yes for those who are in the system now they keep it exactly the way it was. Then come up with a different system for future hires. It sounds fair.

 

[initforme]

Take money out the transportation fund as the roads don't need fixing.... put it in the pension fund.
T

 

[Mr. H.]

Kass Illinois governor still has to deal with Speaker Madigan - Chicago Tribune

 

[Kondor3]

Madigan.

Yep.

Then again, Rauner could always hold-up legislator paychecks, until the pension system is fixed.

Worked for Pat Quinn, right?

 

[Mr. H.]

Madigan.

Yep.

Then again, Rauner could always hold-up legislator paychecks, until the pension system is fixed.

Worked for Pat Quinn, right?

 

[GHook93]

It's going to be quite an undertaking. The current pension system, like in most states, is grossly underfunded. How are they going to shore it up?

(1) Cut the units in government by 3000!!! And YES it can be accomplished without losing efficiency. IL has 6,963 units of local government, Illinois beats Texas (#2) by more than 1,800. It beats CA (#4) by over 2,500 units. This redundant units of government actually is a negative not positive.
Too much government Illinois thousands of local governments

(2) Push Fracking and Drilling for Oil:
Illinois lawmakers approve fracking rules clearing way for oil and gas drilling Star Tribune
Little know fact, Southern IL has a ton of untapped natural gas and oil reserves. We need to push both big time and bring in the jobs and tax revenue that comes along with it.

(3) Ease the red tape, taxes, expenses and burdens on business and make IL/Chicago the business and corporate mecca it should be and was at one time!

(4) Move new enrollees to individual 401K pension plans. Every the State will save money.

Eventually we be able to get rid of the income tax altogether.

 

[GHook93]

Kass Illinois governor still has to deal with Speaker Madigan - Chicago Tribune

True and that is why it be business as usual in Chicago!