Forum: There is a pension crisis
November 1, 2013 9:16PM
Updated: December 4, 2013 6:33AM
The underfunded public pension issue is “no crisis” to Illinois Senate President John Cullerton (D-Chicago) because he helped create it!
He and House Speaker Michael Madigan (D-Chicago) passed and amended laws that allow generous cost-of living increases and easy rules for employees (not to forget the politically connected non-public employees who managed to “qualify” after working a few days as consultants).
Now Illinois is on record at all major bond-rating agencies as a “high risk of default” state. Now, current and future retirees face reduced or curtailed pensions, and taxpayers are on the hook to pay more for those reduced payouts.
To those of us who live outside the Never-Neverland that is the Legislature, it looks at lot like a crisis from here.