{"id":36310,"date":"2022-11-05T10:23:52","date_gmt":"2022-11-05T10:23:52","guid":{"rendered":"http:\/\/www.brandon.ddtest.info\/multisite-test\/candidates-discuss-illinois-unfunded-pension-debt-granite-city-news\/"},"modified":"2022-11-05T10:23:52","modified_gmt":"2022-11-05T10:23:52","slug":"candidates-discuss-illinois-unfunded-pension-debt-granite-city-news","status":"publish","type":"post","link":"http:\/\/www.brandon.ddtest.info\/multisite-test\/candidates-discuss-illinois-unfunded-pension-debt-granite-city-news\/","title":{"rendered":"Candidates discuss Illinois\u2019 unfunded pension debt | Granite City News"},"content":{"rendered":"

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Candidates for Illinois governor are taking different approaches on how they\u2019d tackle the state\u2019s unfunded pension liabilities.<\/span><\/p>\n

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Illinois has among the most unfunded public sector employee pension liability. State numbers indicate around $151 billion unfunded, but some place like the American Legislative Exchange Council place the debt at<\/span> $533 billion<\/span><\/a>.<\/span><\/p>\n

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State Sen. Darren Bailey, who\u2019s running against incumbent Democratic Gov. J.B. Pritzker, said he\u2019ll use reduced state spending to pay down pensions.<\/span><\/p>\n

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\u201cWe\u2019ll find the fat in the budget and we\u2019ll begin to apply that to get this pension situation under control, but first and foremost, I will be sitting at the table with pensioners,\u201d Bailey, R-Xenia, told The Center Square. \u201cI fear that the pension debt may be that large looming problem that will sneak up on Illinois if we continue to ignore it as J.B. Pritzker has.\u201d<\/span><\/p>\n

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Pritzker touts on his campaign website \u201cfully funding pension contributions\u201d as a way to reduce state pension liabilities, \u201cgoing above and beyond with payments and expanding the employee pension buyout program.\u201d<\/span><\/p>\n

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Pritzker\u2019s campaign did not return requests for an interview.<\/span><\/p>\n

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Libertarian candidate Scott Schluter is also on the ballot. His plan would be three-tiered. Tier 1 is current pensioners left untouched, but offer a cash buyout.<\/span><\/p>\n

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\u201cAnd that number is negotiable with the General Assembly, whatever we can make work but there\u2019s people that may be trying to buy a house, they might be trying to do this or that,\u201d Schluter told The Center Square.<\/span><\/p>\n

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Schluter’s plan would look to buy out earned benefits for Tier 2 pensioners and provide an optional 401(K)-style plan. New hires would go into 401(K)-style savings plans.<\/span><\/p>\n

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\u201cThe private sector went away from pension plans in the 80s and 90s because they saw that it was not a great plan, and it didn\u2019t work, and I think the public sector needs to follow that example,\u201d Schluter said.<\/span><\/p>\n

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The election is Nov. 8.<\/span><\/p>\n<\/p><\/div>\n\n
Source link <\/a><\/p>\n","protected":false},"excerpt":{"rendered":"

Candidates for Illinois governor are taking different approaches on how they\u2019d tackle the state\u2019s unfunded pension liabilities. \u00a0 Illinois has among the most unfunded public sector employee pension liability. State numbers indicate around $151 billion unfunded, but some place like the American Legislative Exchange Council place the debt at $533 billion. \u00a0 State Sen. Darren …<\/p>\n","protected":false},"author":1,"featured_media":36311,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":[],"categories":[161],"tags":[],"_links":{"self":[{"href":"http:\/\/www.brandon.ddtest.info\/multisite-test\/wp-json\/wp\/v2\/posts\/36310"}],"collection":[{"href":"http:\/\/www.brandon.ddtest.info\/multisite-test\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"http:\/\/www.brandon.ddtest.info\/multisite-test\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"http:\/\/www.brandon.ddtest.info\/multisite-test\/wp-json\/wp\/v2\/users\/1"}],"replies":[{"embeddable":true,"href":"http:\/\/www.brandon.ddtest.info\/multisite-test\/wp-json\/wp\/v2\/comments?post=36310"}],"version-history":[{"count":0,"href":"http:\/\/www.brandon.ddtest.info\/multisite-test\/wp-json\/wp\/v2\/posts\/36310\/revisions"}],"wp:featuredmedia":[{"embeddable":true,"href":"http:\/\/www.brandon.ddtest.info\/multisite-test\/wp-json\/wp\/v2\/media\/36311"}],"wp:attachment":[{"href":"http:\/\/www.brandon.ddtest.info\/multisite-test\/wp-json\/wp\/v2\/media?parent=36310"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"http:\/\/www.brandon.ddtest.info\/multisite-test\/wp-json\/wp\/v2\/categories?post=36310"},{"taxonomy":"post_tag","embeddable":true,"href":"http:\/\/www.brandon.ddtest.info\/multisite-test\/wp-json\/wp\/v2\/tags?post=36310"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}