The status of negotiations between Greece and its official creditors -- the European Commission, the ECB and the IMF -- dominated headlines last week. At the core of the negotiations is a simple question: How much of an adjustment has to be made by Greece, how much has to be made by its official creditors?
The Illinois Supreme Court is the latest to confirm that retirement security is an essential part of our social fabric, and one that merits constitutional protection. When people work hard and spend their entire professional lives paying into a system that guarantees them financial security in retirement, we can't pull back on that promise.
Daniel DiSalvo's new book paints a dark conspiracy where public sector unions push for ever higher pay and benefits, work rules that allow for endless loafing on the job, and disciplinary policies that prevent even the most incompetent from being fired. It's a moving story -- the data just don't quite fit the picture.
On June 30, 1989, the Illinois Senate debated Senate Bill 95, a mammoth, "omnibus" pension bill that made more than 100 changes to the state pension code. For taxpayers, public employees and the five public pension systems controlled by state government, however, the bill made one change that, arguably, set the course for the pension crisis that plagues the state today.