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Rauner proposes changes to Illinois' public sector pensions
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Rauner proposes changes to Illinois' public sector pensions
Recognizing the inherent unsustainable nature of public sector pensions ($111 billion unfunded and current 25% of budget), Illinois' new governor has proposed extensive changes to the state pension plan.

Summary:
...no change for current retirees
...current employees to be offered a shift to a defined contribution plan (they can choose to remain on defined benefit)
...future employees who opt for defined benefit, will get a Tier II (lower) pension

Illinois is in the worst financial condition of any state thanks primarily to the cozy relationship between the public sector unions and elected politicians, who gave away the state's future during contract negotiations on (possibly invalid) pensions.
02-19-2015 09:18 AM
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