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Mike

Legislative pension benefit hikes to already underfunded pensions in conjuction with concurrent pay hikes resulted in this predicted outcome. It made no fiscal sense, only political sense. It was a show of political power. The hikes defied common sense. It was an unsustainable money grab, worsened by the pension sentence added to the Illinois State Constitution in 1970 which stated pension and retirement system benefits are contractual and cannot be diminished or impaired. Starting 1971 the practice of hiking pension and retiree healthcare benefits escalated. The funding level did not matter because there was a taxpayer guarantee that pension and… Read more »