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

[thisnumbersdisconnected]

Illinois governor signs pension overhaul into law​

Gov. Pat Quinn has signed landmark legislation Thursday to reform Illinois' massively-underfunded pension system, though the new law is certain to face threatened lawsuits by labor unions.

The overhaul, approved by the General Assembly this week after years of delay and inaction, cuts benefits for most employees and retirees. It has a June 1 effective date, but could be delayed by the legal challenges.

Quinn, who often signs new laws in celebratory public events, signed the pension bill Thursday afternoon in a private ceremony. It was a mark of how politically sensitive the issue is in Democrat-controlled Illinois, with hundreds of thousands of public employees and retirees across Illinois being negatively affected.

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.

 

[Salty]

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?