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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 $533 billion.
State Sen. Darren Bailey, who’s running against incumbent
Democratic Gov. J.B. Pritzker, said he’ll use reduced state
spending to pay down pensions.
“We’ll find the fat in the budget and we’ll begin to apply that
to get this pension situation under control, but first and
foremost, I will be sitting at the table with pensioners,”
Bailey, R-Xenia, told The Center Square. “I 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.”
Pritzker touts on his campaign website “fully funding pension
contributions” as a way to reduce state pension liabilities,
“going above and beyond with payments and expanding the employee
pension buyout program.”
Pritzker’s campaign did not return requests for an interview.
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.
“And that number is negotiable with the General Assembly,
whatever we can make work but there’s people that may be trying
to buy a house, they might be trying to do this or that,”
Schluter told The Center Square.
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.
“The 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’t
work, and I think the public sector needs to follow that
example,” Schluter said.
The election is Nov. 8.
Greg Bishop reports on Illinois government and
other issues for The Center Square. Bishop has years of
award-winning broadcast experience and hosts the WMAY Morning
Newsfeed out of Springfield.
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