Friday, July 8, 2016
Pension Reform Unlikely to Happen Until After November
However, he admitted there won't be a vote on his plan until after the Nov. 8 election. Under a side agreement that was part of the "bridge" budget deal reached last week between the governor and the Democratic Legislature, the cash-strapped Chicago Public School system won't get a $215.2 million contribution from the state to its teacher pension system without approval of a broad-based pension reform.
Pension reform is one of three major issues - along with the workers' compensation changes and "local control" - that Rauner said have to be addressed before he considers any tax increases for Illinois government.
Rauner claims a pension change could save the state $1 billion annually. But if it were applied "across the board," he said it could save all governments in Illinois $2.5 billion a year.
Information provided by the Champaign News-Gazette