Ted appeared on the Illinois Channel to talk about the pension asset consolidation bill that just passed the General Assembly.
In concept, asset consolidation is a good idea. It will help Illinois’ hundreds of police and fire pension funds make bigger and better investments and do so more affordably.
But Gov. Pritzker calling the idea “momentous” is a huge overreach. The consolidation only effects downstate and suburban public safety pensions, which are responsible for less than 5 percent of Illinois’ overall retirement shortfall.
And the legislation went from good to bad when lawmakers added unrelated benefit changes into the law. They stuffed piecemeal changes to Tier 2 into the consolidation bill and voted to pass it without any public analysis and little debate.
Read more about the consolidation bill: