http://ift.tt/1P6TfZi
It will be interesting to see how it gets fixed--if it can.
After years of skipping contributions to these retire funds, the state now has a huge hole to cover and this attempt to try was just tossed by the court. The key words are that it violates the state constitution because it would leave pension promises "diminished or impaired."
So, where from here? Sounds like the state taxpayers are going to have dig deeper to keep their public employees well fixed in their retirement.
Last--the state missed contributing for years into these retirement plans, all the while with t he acquiescence of the state employee reps on the various boards went along with the state not paying their designated share. I don't understand how this was allowed to go as long as it did.
Illinois State Supreme Court strikes down public pension reform law
It will be interesting to see how it gets fixed--if it can.
After years of skipping contributions to these retire funds, the state now has a huge hole to cover and this attempt to try was just tossed by the court. The key words are that it violates the state constitution because it would leave pension promises "diminished or impaired."
So, where from here? Sounds like the state taxpayers are going to have dig deeper to keep their public employees well fixed in their retirement.
Last--the state missed contributing for years into these retirement plans, all the while with t he acquiescence of the state employee reps on the various boards went along with the state not paying their designated share. I don't understand how this was allowed to go as long as it did.
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