Letter: Keep pension promises and save billions
To the Editor:
One again, after many years and innumerable proposals, the Illinois House and Senate have failed to agree on a resolution to the state’s public employee pension situation. As a consequence and as expected, the state’s credit rating has once again been lowered. More importantly, public employees, both working and retired, and taxpayers are left afloat in a sea of uncertainty.
It is now time to revisit the proposal made by the DeKalb County Tea Party. That is, while keeping the pension funds for teachers, university employees and state employee pension systems funded at the same level as they are presently, all contractual pension obligations easily are met without changing the dollar amounts active members pay in or changing the dollar amounts retirees receive. At the same time, tens of billions of dollars will be saved.
Even if the returns on pension fund investments are lower than those projected by the actuaries, the pension funds would operate just fine for decades. It’s a matter of simple mathematics.
There is not ample room here to lay out all the numbers and the reasoning behind them but, if you email me at email@example.com, I will email the details to you.