Illinois' Pensions System Saw One Important Change in 1989
Huffington Post - almost 3 years
The following is an excerpt from the pension history section of the General Assembly's 2015 report on the condition of Illinois' pension systems:
"Eventually, this debt's going to come due, folks. So, you know, realize that in this bill there are all kinds of windows that have been opened for all kinds of people... special situations that everybody around here has asked for. But the fact of the matter is, that doesn't cost much. What really costs the money is the 3 percent compounding. I have no objection to it, if you want to set aside a billion dollars to pay pension benefits, But if you don't, then maybe you'd better back off a little bit."
--State Sen. Calvin Schuneman (R-Prophetstown), June 30, 1989
It's been nearly 26 years since Sen. Calvin Schuneman (R-Prophetstown) tried to warn his colleagues in Springfield that what was being treated as an innocuous adjustment in public pension rules was a disaster waiting to happen.
On June 30, 1989, the Illinois Senate deba...
Article Link: Huffington Post article