"Pension experts consider a funding ratio of less than 60% to be 'deeply troubled.' A 40% funding ratio may be a 'point of no return,' meaning an inability to make required contributions or maintain adequate funding levels – without painful cuts or serious structural reforms. The Danville firefighters fund is only 17% funded, while the police pension fund has only 28 cents saved for each $1 in future promises."
State of Illinois pensions are a bit overboard. 3% compounded raises every year, free healthcare for the retiree and a bare minimum for the spouse which includes health, prescriptions etc. Having state retirees pay some of the health insurance costs would be a big step.
The Illinois Supreme Court ruled in Kanerva v Weems in 2014 that premium free state health insurance (SEGIP) and all other state and local public sector retiree healthcare benefits that were passed into state law, cannot be diminished or impaired, for existing members (employees and retirees in one of the systems). State laws reducing public sector retiree benefits apply to those beginning employment after the effective date of the new law (future members). The Supreme Court based their decision on one sentence added to the state constitution on December 15, 1970. December 15, 1970 is the day voters passed the… Read more »
I think the voters DID know but only those voters who were recipients and their families of that law if passed. I’m sure there were memos and possibly pamphlets distributed in union meetings whereas the general public was mostly clueless. Remember in 1970 there was no internet and media were just a few TV stations which probably only put out a few tidbits of info. I would like to see the exact wording on the ballot to see how it was presented to the general public. Probably written in Mandarin. Do you know the exact wording?
State of Illinois pensions are a bit overboard. 3% compounded raises every year, free healthcare for the retiree and a bare minimum for the spouse which includes health, prescriptions etc. Having state retirees pay some of the health insurance costs would be a big step.
The Illinois Supreme Court ruled in Kanerva v Weems in 2014 that premium free state health insurance (SEGIP) and all other state and local public sector retiree healthcare benefits that were passed into state law, cannot be diminished or impaired, for existing members (employees and retirees in one of the systems). State laws reducing public sector retiree benefits apply to those beginning employment after the effective date of the new law (future members). The Supreme Court based their decision on one sentence added to the state constitution on December 15, 1970. December 15, 1970 is the day voters passed the… Read more »
Well summarized, Mike.
I think the voters DID know but only those voters who were recipients and their families of that law if passed. I’m sure there were memos and possibly pamphlets distributed in union meetings whereas the general public was mostly clueless. Remember in 1970 there was no internet and media were just a few TV stations which probably only put out a few tidbits of info. I would like to see the exact wording on the ballot to see how it was presented to the general public. Probably written in Mandarin. Do you know the exact wording?