April 24, 2012

WE'RE ALL REPUBLICANS NOW:

Quinn wants public employees to pay more, work longer (Ray Long, Monique Garcia and Alissa Groeninger, 4/21/12, Chicago Tribune)

Gov. Pat Quinn wants to fix Illinois' debt-ridden public pension system by getting government employees to work longer, pay more toward their retirement and accept less in benefits.

The attempt to wipe out the $83 billion pension shortfall drew immediate criticism from organized labor and qualified praise from Democratic and Republican lawmakers. [...]

Quinn called for employees to pay 3 percent more and to work until 67 instead of 65 or even earlier in some cases. The governor also would reduce yearly cost-of-living increases for retirees to 3 percent or half of the consumer price index, whichever is less. Pension calculations would be based on simple interest rather than compound interest, the more costly method now in place. Cost-of-living adjustments also would start at either age 67 or five years after retirement, whichever is earlier.

In addition, Quinn's plan would seek to halt some of the pension windfalls for people who aren't even in state government but get into state retirement systems. Public pensions would be limited to public sector employment. That came as a nod to pension abuses uncovered by the Tribune that showed how union leaders managed to count time in their jobs as union officials.

Posted by at April 24, 2012 5:40 AM
  

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