The initiative would not only cut the retirement benefits of future public sector workers, but of current government employees as well. Should the measure make it to the ballot and prevail, that provision will surely trigger a bitter legal fight.
On a range of issues, our state faces tough problems that can only be solved by stakeholders and elected officials working together. The new pension reform legislation, Senate Bill 2404, shows the way.
About 10,000 Americans a day are turning 65 years old. While Wall Street's 401(k) plans have done nothing to help retirees enjoy their golden years, defined benefit plans are the best way to support retirees and allow them to continue to contribute to their local economies.
It might appear that Illinois is just another spendthrift in a nation of spendthrifts (in a world of spendthrifts). But beyond the rhetoric, which appears everywhere, the numbers don't lie. It's not a spending problem. It's a revenue problem.
Michael Peck, chairman of Isofoton North America, a 60-year-old Spanish solar firm investing in solar facilities in western Ohio, asserted that having a truly sustainable economy guided by ESG principles means changing how the culture views workers.
As an advocate for 401(k) participants, the only thing more frustrating for me than not being able to get Capitol Hill to make the plans walk and talk like pensions is tackling "innumeracy" on the part of academics who portray themselves as experts.
We now face a new, but equally dangerous threat to the safety of our pensions, and it's coming from an unexpected source. It threatens not only the health of our pensions but our very ability to control them.