(Chicago, IL) – February 22, 2010. Senate President John Cullerton (D-Chicago) is willing to change Illinois ghastly underfunded pension to keep the retirement tub from sinking further.
Give Cullerton two-points for courage.
Crain’s Chicago columnist Greg Hinz snared that precious pension morsel from Cullerton earlier today.
The president of the Illinois Senate says he’s interested in two big changes to shore up the state’s dramatically underfunded employee pension plans — but only two changes.
In an interview before a Chicago speaking engagement, Senate President John Cullerton said he is “interested in exploring” an older retirement age and a cap on the maximum retirement benefit.
But those are potentially “the only changes” he’s prepared to support, Mr. Cullerton added, because, “compared to other states, benefits in Illinois are not overly generous.”
Only last week, the Pew Center on the States rated Illinois dead last among the 50 states in setting aside funds to pay for pensions, with investments now only 54% of projected liabilities.
Gotta bet Illinois AFSCME Council 31 is gonna be, well, peeved with Cullerton.