A Compromise on Illinois Attacking Pensions
So Illinois decided to divert 2.2 Billion from the pension system that they underfund to plug gaps in the budget which cost ultimately around 22 Billion. The beneficiaries of the pensions complain because their contracts establish those pensions as well as the Constitution of the state says “the benefits of which shall not be diminished or impaired.” (Article X Section 5). When presented with this, lawmakers threaten an amendment to the Constitution instead.
Here is a compromise I think will work. Lawmakers, the governor and other executive officers get pensions too. I propse that before a single dollar in benefits gets taken out of a public employee’s pension, that all legislators and executive officers have to have completely drained THEIR pension benefits first. i.e. until their benefits get reduced to zero, they can’t touch anyone else’s. Seems fair to me, they’re breaking it to begin with, they should suffer first.
