From the Illinois Opportunity Project -
This afternoon (March 14), ten state legislators will vote on a crucial piece of pension legislation. The Personnel and Pensions Committee of the Illinois House is scheduled to hear HB 3411, a pension proposal that tinkers at the margins while Illinois’ pension systems spiral towards insolvency.
This bill falls drastically short of the reform needed to fix Illinois’ pension systems in a lasting manner. It leaves in place the costly and unpredictable defined benefit system (the root cause of the systems' $200 billion unfunded liability), rather than moving the retirees into a defined contribution, 401(k) style system, which is what the overwhelming majority of the private sector has in place for their retirement.
This is a crucial moment: Will Illinois lawmakers advance a bill that perpetuates our broken, unsustainable pension system, or will they stand for a plan that solves the problem in a way that is responsible to both public employees and taxpayers.
There are ten Representatives on the committee hearing this bill today. Call to action:
- Darlene Senger (R-Naperville)
- Scott Drury (D-Highwood)
- Elaine Nekritz (D-Buffalo Grove)
- Daniel Burke (D-Chicago)
- Esther Golar (D-Chicago)
- David McSweeney (R-Cary)
- Thomas Morrison (R-Palatine)
- Raymond Poe (R-Springfield)
- Carol Sente (D-Lincolnshire)
- Michael Zalewski (D-Riverside)
The Illinois Opportunity Project is an independent research and public policy enterprise that promotes legislative solutions in advance of free markets and free minds.