Business Group Calls For Cutting Public Retiree Benefits

A business group says the Illinois pension system is “unfixable” and that even current retirees’ benefits will have to be cut to keep it from bankruptcy.
The Civic Committee of the Commercial Club of Chicago told members today in a memo shown in advance to The Associated Press that keeping the state’s five pension systems from collapsing will require drastic action.
That includes eliminating annual cost-of-living increases, capping the salaries that pensions are based on and more.  
Committee president Tyrone Fahner told the AP that current state employees and teachers will never see the benefits promised them.  The systems are underfunded by at least $85 billion.
The committee hopes to light a fire under a stalemated Legislature. Fahner says lawmakers’ ideas for reducing benefits are “half measures.”  (AP)

This entry was posted in Uncategorized. Bookmark the permalink.

One Response to Business Group Calls For Cutting Public Retiree Benefits

  1. dave says:

    What a surprise that TY Fahner would say that! Maybe we need some real business expertise like Romney and Bain. Give me a break – Fund the system!

Comment on this Story

Fill in your details below or click an icon to log in:

WordPress.com Logo

You are commenting using your WordPress.com account. Log Out / Change )

Twitter picture

You are commenting using your Twitter account. Log Out / Change )

Facebook photo

You are commenting using your Facebook account. Log Out / Change )

Google+ photo

You are commenting using your Google+ account. Log Out / Change )

Connecting to %s