A pension reform bill pending in the Illinois House would substantially cut pension contributions and reduce the unfunded liability faced by the pension system. This is how they are going to do it — by changing the pension cost of living adjustments, raising the age to retire, and causing those to pay more for their pension benefits. Plus they are going to shift the cost of the downstate teacher pensions to the local school district.
Who are the people in the local school district that are going to pay for these costs — the former teachers? Already the new teachers are going to bear a lot of the burden. Why don’t they say that it is going to be attached to the property tax of the homeowner? The local school district is funded by property taxes.
This means that the property homeowner is going to pay for the $95 billion cost they are going to raise, which in turn will cover the politicians butts. It is sickening to know that when they need money to cover their butts, these politicians dip into the pockets of the property owners. Shame on them.
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