Big Changes in Store
Quite a few big changes working their way through Springfield, none of which bode well for our future:
- Future pension benefits for public workers would be reduced under a sweeping new plan that would impact government employees throughout Illinois beginning next year and impose changes for city of Chicago and Cook County workers in 2013. Current workers would get the option of choosing one of three plans, and would keep the level of pension benefits they have earned up to the point of when the changes takes effect.
The three choices are:
*Paying more to earn their current level of pension benefits in their retirement.
*Opting to earn a smaller level of pension benefits built up in future years. The benefit would be at the lower level of a second-tier pension plan adopted last year for new employees.
*Choosing a 401k-styled plan that would allow a person to self-manage their retirement funds.
Then you have Worker's Comp changes:
- The state Senate is poised to vote Saturday on a major overhaul of the state's workers' compensation system, a push aimed at [saving] Illinois [business] at least $500 million a year and addressing possible abuses.
The measure is the result of months of tense negotiations between Democratic lawmakers, Gov. Pat Quinn's administration and several key stakeholders, including doctors, unions, trial lawyers and business groups.
That one won't affect CPD. Finally, retirees are about to get whacked with big increases:
- More than 21,000 retired city employees under age 65 will pay 15 percent more for their health insurance — an increase a union official called “alarming” and an expert said [spotlights] a $1.3 billion unfunded liability for Chicago taxpayers.
Funny thing though - we've been beset by a troll who insists that we support the Tea Party, that Republicans are going to steal all our benefits, that Quinn is the greatest thing since sliced bread, yet we look to Springfield and see a democratic controlled House, Senate and Governorship all falling over themselves to do the bidding of a Chicago Machine democratic mayor and completely destroy how many years of union gains? The mind boggles.
Labels: money questions