A couple of state lawmakers who are leaders on pension restructuring are cautioning against doing anything further without considering the consequences.
“The road to pension hell is paved with rash actions. It’s paved with hasty actions. It’s paved with actions that aren’t thought out carefully,” State Sen. Daniel Biss (D-Evanston) said at a news conference Tuesday at the state Capitol.
He says there has yet to be an analysis of the Governor’s desire to move state workers and teachers into a less-generous pension plan or a 401(k)-style program – including the requirement that to be exempt from Social Security, the plan must be at least as good. He says there are questions unanswered:
-The impact on the state’s finances
-The impact on workers and retirees
-The legal theory that would make such a move defensible from a constitutional standpoint
-Whether the proposal meets the requirement of being at least as good as Social Security
He and State Rep. Elaine Nekritz (D-Northbrook) are introducing resolutions to require scrutiny before lawmakers take any action.
The governor is counting on $2.2 billion in savings from his plan in order to balance next year’s state budget.
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