A good post from the Homer Lockport Tea Party om IL HB3303,
Virtually everyone agrees that Illinois needs to do something about its massive unfunded pension liabilities, which total more than $200 billion. For too long, politicians have been all too willing to kick the can down the road and let the problem build and build, rather than confronting it with meaningful reform.
Now, several pension reform plans have emerged, but most of them have included little more than changes to the current system. With enough pressure having finally built up to make changes to the state's pension system, now is the time for lawmakers to stand for comprehensive, lasting reform.
Lawmakers should oppose any pension plan that leaves the outdated defined benefit plan in place and instead support shifting public employees to a defined contribution, 401(k) style retirement plan, like what is seen in the private sector.
Here are the facts:• Illinois needs a defined contribution, not a defined benefit, plan for its retirees. This is the only solution that will ensure that taxpayers are not left on the hook to make up the difference when investment returns (which defined-benefit systems are dependent on) inevitably fall short of projections.
• A defined benefit system (especially one that includes a funding guarantee) will – in the years to come – require annual payments from the state so large that lawmakers will either have to increase taxes or significantly cut funding for core government services, like education and public safety. Neither should be acceptable.
*Using the website will allow us to influence legislation, track results, and quantify the impact we are having. We will be able to demonstrate the influence the grassroots effort is having with individual legislators and make our voice count.
- Using Illinois Opportunity Project website Contact your State Representative*
- Using Illinois Opportunity Project website Contact Governor Quinn*
- Participate in our conference call with co-sponsor Rep. Ives - April 7th at 7:00pm (Call in details to follow)
- Join the Illinois Opportunity Project Facebook Team (friend Danielle Rowe on Facebook and ask to part of the team), and meet with your legislator (training and education will be provide by IOP)
- Illinois Opportunity Project – Pension Reform Brief
- Marc Levine's website – aide to Tom Cross
- Pension Summary is outstanding! It's easy to understand and goes into detail
- Budget Solutions 2014: Pension reform and responsible spending for state and local governments