Governor J.B. Pritzker shot down the suggestion of amending the Illinois Constitution to address the state's public pension funding deficit.
The governor said reducing the 3 percent annual cost-of-living adjustment for constitutionally-protected government employee pensions is often brought up in reform proposals. But he sees a lot of obstacles to implementing such a measure.
"If you could get it through the House, and if you could get it through the Senate, and you could get it on the ballot, therefore, and get 60 percent of the people to vote for it, which, by the way, the polls don't show you could get, but if you could do all of those things, then you will then face the U.S. Constitution's contracts clause," he said.
Pritzker said he believes there are better ways to address the state's $134 billion unfunded pension liability, such as the recently-passed bill to consolidate most local police and fire pension funds to reduce administrative costs and increase rates on returns.
Pritzker spoke yesterday Tuesday at the Economic Club of Chicago.