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IL pension systems unfixable says Commercial Club

Wed, 14 Nov 2012 15:35:48 CST
By: AP

A business group says the Illinois pension system is ``unfixable'' and that even current retirees' benefits will have to be cut to keep it from bankruptcy. The Civic Committee of the Commercial Club of Chicago told members in a memo that keeping the state's five pension systems from collapsing will require drastic action. That includes eliminating annual cost-of-living increases, capping the salaries that pensions are based on and more. Committee president Tyrone Fahner (FAYN'-er) says current state employees and teachers will never see the benefits promised them. The systems are underfunded by at least $85 billion. The committee hopes to light a fire under a stalemated Legislature. Fahner says lawmakers' ideas for reducing benefits are ``half measures.''

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