Posted on 04/03/2018 7:40:08 AM PDT by SeekAndFind
As many people know, Illinois is a fiscal mess and a national leader in out-migration. To turn Illinois around, how about our elected officials Take the Pledge this November? Will our elected officials endorse these eight suggestions? Does any of these suggestions apply to your state?
1. Illinois is sinking in pension debt. Moving to a 401(K)/403(b) defined contribution plan for all new State of Illinois hires with the ability to put all newly hired public-sector (municipal, school, etc.) employees on a defined contribution plan as well will finally put a cap on unfunded pension liabilities and give certainty to businesses and job-seekers about the future of Illinois. Illinois recently moved to Tier 3 pensions, hybrid defined benefit-defined contribution plans that include a defined benefit component. This hinders the ability of public-sector employees to seek private-sector employment without compromising their defined benefit plan.
According to Reuters (February 2018), Illinois has an unfunded public pension liability of $129 billion. This is up from $111 billion in 2016. Moving new public-sector hires to a defined contribution plan caps unfunded pension liability. In addition, the funds in the public-sector employee's account belong to him – allowing him to move freely between public- and private-sector employment without losing his 35% funded Illinois pension. No more public-sector job lock, no more collecting multiple pensions, no more unfunded pension liability – a win for all.
2. Freeze public-sector hiring until we have shrunk the state workforce by 11.5% via attrition. Assuming a 4% turnover, this should take three years. The average cost per state employee (wages, benefits) is $97,545. Shrinking the payroll by 11.5% saves taxpayers at least $839 million in payroll cost, allowing Illinois to start working down the size of the unfunded pension liability.
(Excerpt) Read more at americanthinker.com ...
Chicago is the third largest Mexican city according to Luis Gutierrez, one of their Congressmen.
California is already a Mexican colony, maybe Illinois will be the second.
I applied for a health department job in Illinois, many years ago. For every dollar the employee puts into the retirement fund, the State contributes TWO dollars. It’s been that way for years. Obviously, that is an untenable situation that is guaranteed to break the budget, but as a very corrupt state, where graft and patronage jobs are the rule, the tax payers get to pay for it all. But it’s okay -— in Illinois, money grows on trees.
Fat chance.
Sounds like New Jersey.
Which is precisely why Foxconn located its new complex just across the state line into Wisconsin. Illinois will be a very large mess for many years to come. The Illinois Constitution mandates that public employee pension benefits cannot be reduced. Which means that current taxpayers are the only source of a solution. Except that raising income tax rates in IL will simply drive people out of the state.
I think Illinois is doomed to a steady decline like Michigan. The public sector labor unions are too entrenched and the debts too high already. The key is to make sure states that have been massively irresponsible like this not be allowed to dip into everybody else’s pockets by way of a federal bailout. If you live there, the best thing to do is leave and take your business with you if you own one. Don’t wait too long or your property will be near worthless like much of Detroit.
I sent this to the guy who’s probably going to be my next state representative. When I asked him why he was even bothering to run, his reply kind of shocked me. He said the feeling amongst conservatives that he talks to in IL is that the only way for meaningful reform to occur is for the present system and it’s corrupt particpants to completely crash. If it ever does and the pain goes deep enough, then a “new state order” can be brought forward.
Gov. Walker would never have been able to do the same thing on a smaller scale in WI if it had not been for the Republican-controlled state legislature (remember that’s why the brave democrafts “flee-bagged” it to IL to deny a quorum). The best thing conservatives and the Republican Party (if there even is one) in IL could be doing is developing a slate of strong conservative young and attractive candidates in every legislative district who can win and take control away from the Democrat and their machine.
Do that and IL could begin turning around within months. Otherwise, it’s like the Jethro Tull song” “The train it won’t stop going...No way to slow down”
Maybe voting for Prickster will shorten the trip.
This is an optional plan, but hasn't been implemented by any of the pension agencies in Illinois because of the lack of implementation guidance in the law.
Another Big city ruining their state.
Not about saving Illinois but decapitating Big City influence over rural America.
People who live on top of each other should only be allowed to mess their own pile
From what I understand Mike Madigan controls everything.
Public sector pension abuse is rife in Illinois. The unions, with a wink and a nod from the state legislature, pull all sorts of shenanigans.
I read years ago about a fellow who worked 30 years as a state employee and earned a $150K/yr pension; but some new rule allowed double-dipping and the application of his time as a state employee toward a teachers pension. So he worked a year as a school system employee, and then retired from the school system with 31 years (30 yrs state + 1 yr school) and a separate $100K/yr pension. So he now qualified for $250K/yr in pension payments FOR LIFE, never having earned that much in his ordinary job.
It’s called raping the taxpayer and laughing all the way to the bank.
You are correct . The Madigans control everything. They are however starting to execute their escape plans when the state capsizes.
RE: . So he now qualified for $250K/yr in pension payments FOR LIFE, never having earned that much in his ordinary job.
If he dies, does his wife keep the benefit as well?
RE: Fat chance.
I know, but we can’t say there was not a plan to save the state.
We have friends who are moving back to IL to be near their grandkids. They are looking at 5000 sf houses for 400k. McMansion. Drawback is property tax of 15k.
“Chicago is the third largest Mexican city according to Luis Gutierrez”
Gutierrez has problems with numbers, math and ciphering.
The real estate taxes for his house were for a vacant lot or less, he never noticed, his expenses...
Ten cities in Mex over one million, Chicago(~ 3 MILLION) is one-third Hispanic, NOT MEXICAN.
“the only way for meaningful reform to occur is for the present system and it’s corrupt particpants to completely crash. If it ever does and the pain goes deep enough, then a “new state order” can be brought forward.”
Phoenix is a myth, NEVER HAPPEN!
Ask your Rep in waiting, to please send over a list of locations where that has worked out.
NEVER HAPPEN!
PS, unfortunately, I live here, in the BANKRUPT state of Illinois.
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