Gov. Bruce Rauner’s ideas about how to change government-employee pensions are getting extra scrutiny in Springfield.
Rauner wants employees to be moved into less-generous plans for future pension benefits.
So far, it’s just something he’s talked about. Democrats who’ve long focused on pension issues say that needs to change.
Sen. Daniel Biss, of Evanston, is calling for an actuarial analysis. He also says the idea that legislation would be passed and make it through the inevitable court challenge any time soon is a “fantasy."
Biss and State Rep. Elaine Nekritz told a State Capitol news conference that they want the Republican governor to lay out the specific numbers he’s using in trumpeting a measure he contends could slash the state pension contribution by $2.2 billion in the budget year that begins July 1.
"The thought that that would all happen in time to achieve savings in FY16 just feels completely beyond the realm of even discussion," Biss says. The Legislature’s scheduled adjournment is May 31.
“There’s a long lead time to actually getting the data and the information you need,” Nekritz said.
They want to know if the Rauner initiative would even comply with Social Security rules. Each filed resolutions asking the agencies handling employee pension investment portfolios to seek IRS guidance.
“The road to pension hell is paved with rash actions,” Biss, an Evanston Democrat, told a state Capitol news conference.
In his February budget address, Rauner proposed moving all state workers to a less-generous plan that lawmakers approved for people hired after 2011. Others could choose to join a 401(k)-style account like many in private business.
The five state pension accounts are $111 billion short of what they need to provide benefits to all retirees and employees. The amount the state has to contribute to catch up is nearly $7 billion a year, sucking money from education and social services.
The Illinois Supreme Court just last month began considering the constitutionality of the 2013 law, which took years to get approved.
- Brian Mackey of Illinois Public Radio contributed to this story.
