Tagged: pensions

No pension legislation moved through the Illinois General Assembly during Friday's special legislative session.

Democrats pushed along a plan to cut pension benefits for  state elected politicians and no one else, but opponents -- including Representative Darlene Senger (R-Naperville) -- called the proposal disingenuous.

"I am not going to vote for this. I think it's a farce," said Senger.

"I think we're basically coming out and saying we're doing something and we're absolutely not, and it's a real disservice for those who live in this state."

Illinois Governor Pat Quinn's office is touting a one-page analysis claiming higher education will suffer if lawmakers fail to address Illinois' pension problem.

In the so-called study, Quinn's budget office estimates that state funding of higher education will steadily decline over the next five years.

The projections show more money would be needed to pay for university and community college employees' pensions, which would leave less for schools and scholarships for needy students.

15% of the state budget in Illinois this year is going toward pensions.  That means there's less to spend on other needs.
                                              
The gap between what has Illinois promised employees they will get when they retire and what the state has set aside to pay those pensions is $83 billion.  State government would have to completely shut down for two-and-a-half years, and use all of that operating budget money on pensions, to pay off that debt.