Illinois reforms pensions to make solvent

[bigdarryl]

I was listening to Randi about Illinois screwing over retirees over pensions so i looked up what she was talking about of coarse she got it wrong it is pension reform not cutting pensions as she was saying http://www3.illinois.gov/PressReleases/ShowPressRelease.cfm?SubjectID=2&RecNum=11755

[TheKentuckian]

1. The link doesn't address how the "reform" is structured at all.

Plans are not press releases. Reform can mean cut, does it here? I'm not sure but I bet it does.

[bigdarryl]

2. It look as though the state of Illinois did what NJ did with the pension system

Three years ago the democratic legislators along with Christie reformed the pension system by making new retirees not eligible to retire until 65 it use to be 60 also they made current workers contribute more money into the pension system and for new police and firefighters retire with 30 years when it used to be 25 and the agreement was also for the state to put money into the system as they hadn't been doing for 10 years.They also took away our cost of living when you retire.

[TheKentuckian]

3. How is five years and no cost a living not cuts and dramatic ones at that?

Add in increased contributions and the hit is severe.

[bigdarryl]

4. Your right it is a CUT