Illinois Does Pension Reform
George Will’s latest contains this information about pension reform in Illinois (not Texas, union-friendly, “progressive” Illinois):
Gov. Pat Quinn called it a “political earthquake” when the state’s Legislature recently voted — by margins of 92-17 in the House and 48-6 in the Senate — to reform pensions for state employees. There is now a cap on the amount of earnings that can be used as the basis for calculating benefits. In some states, employees game the system by “spiking” their last year’s earnings by accumulating vast amounts of overtime pay.
An even more important change — a harbinger of America’s future — is that most new Illinois state government employees must work until age 67 in order to be eligible for full retirement benefits. Those already on the state payroll can still retire at 55 with full benefits.
Where there’s a will, there’s a way.