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Illinois takes steps to save pensions by cutting benefits, over union protests

Discussion in 'News & Current Events' started by thisnumbersdisconnected, Dec 5, 2013.

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  1. thisnumbersdisconnected

    thisnumbersdisconnected New Member

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    The bill effectively cuts $160 billion from Illinois' pension fund obligations while ensuring the state will be able to meet all its obligations to retirees and eventually will be able to fully fund the state's pension plans. Illinois' pension fund crisis has led to three downgrades of the state's credit rating and has caused a massive underfunding of such programs as public education and social entitlements.

    Naturally, unions claim the law violates the Illinois constitution and intend to challenge it in court. Quinn is to be commended. He has repeatedly challenged the unions, and has gone on record multiple times stating that Illinois cannot continue to dedicate its resources to such a singular segment of pensioners.
     
    #1 thisnumbersdisconnected, Dec 5, 2013
  2. Salty

    Salty 20,000 Posts Club
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    Just curious - wonder what a typical retirement check of an ILL retiree is?
    And how many years does he have to work to get that retirement?
     
    #2 Salty, Dec 5, 2013
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