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A win for pensioners. Sure it's a public pension but it's a pension nevertheless.
A promise made by the state will have to be fulfilled.
A person should not work 30+ years only to find out that on retirement the state decided to change their minds because they screwed up.
Ill is going to have to raise taxes or audit their budget and trim it. The first move always seems to be to hurt the little guy. The state is guilty of not funding it's pension.
I like the judge's statement..today it's pensions, tomorrow it could be your bank account.
Illinois justices overturn state's landmark 2013 pension law
The Illinois Supreme Court forced the state Friday to find another way to fix the nation's worst government-employee pension crisis, ruling lawmakers "overstepped" by enacting a law that slashed retirement benefits to confront a massive budget deficit.
..
Otherwise, "No rights or property would be safe from the state," Justice Lloyd Karmeier said in writing the court's opinion. "Today it is nullification of the right to retirement benefits. Tomorrow it could be renunciation of the duty to repay state obligations. Eventually, investment capital could be seized."
Problem comes when pension plans are enshrined in the state constitution. Judges made the correct decision under the legal situation. Doesn't mean that it is good for the taxpayer. Only solution is to change the constitution.
Problem comes when pension plans are enshrined in the state constitution. Judges made the correct decision under the legal situation. Doesn't mean that it is good for the taxpayer. Only solution is to change the constitution.
Then maybe those taxpayers will wake up and vote some responsible people into office who don't shirk off funding pensions.
No different than how our Congress "borrowed" all the surplus SS money and now we have this SS crisis. I don't want to see cuts to SS. I want to see Congress PAY BACK all the money they borrowed.
Sadly, does this open the door to bankruptcy by IL to obtain relief to it's pension obligations. For all the doom and gloom articles over CA's pension problems, IL's unfinded obligations are, IIRC, 3x per capita of CA's
Sadly, does this open the door to bankruptcy by IL to obtain relief to it's pension obligations. For all the doom and gloom articles over CA's pension problems, IL's unfinded obligations are, IIRC, 3x per capita of CA's
I think this is the tip of the iceberg here. Public pensions aren't held to the same funding requirements as private pensions. Maybe they should be and you wouldn't be seeing these huge public pension liabilities.
With the way IL works, it would not surprise me to see, within 3 years a state supreme court ruling prohibiting tax increases ans a ruling prohibiting budget cuts as well.
Yes it does. They simply can't fund and pay what they've promised.
Raise taxes. They have options.
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