(Illinois Governor) Pat Quinn floats the idea of a pension bailout

Quote from Krazen1211 : Today, Citizens Against Government Waste (CAGW) named Illinois Governor Pat Quinn (D) its September, 2012 Porker of the Month for suggesting the possibility of a federal bailout for his state’s public sector pension programs, which are among the least funded in America. Gov. Quinn’s fiscal year (FY) 2012 budget (published in 2011), referenced his state’s looming pension problem, stating that “while the pension reform of 2010 improved the situation by decreasing future liabilities … significant long term improvements will come only from additional pension reforms, refinancing the liability and seeking a federal guarantee of the debt, or increasing the annual required state contributions [emphasis added].” When queried about it then, the governor claimed that the inclusion of that bailout language was a “precaution.”

How about all the wonderful liberal and progressive states that re-elected our wonderful President go ahead and pitch in for Illinois's problems.

There are enough states that voted and re-voted for Barack Obama that I'm sure they'd be happy to send over a few hundred million or billion to help out Illinois.

If liberals and organized labor really feel farked over by us conservatives, y'all can keep the money internal for your happy little family. AFAIK, it's not illegal for California to send a few billion to illinois from their bank.

I happen to be a working State of Illinois employee.
A big chunk of my paycheck twice a month goes to my pension contributions.
I think Quinn is a dumb ass and the union is indeed in bed with him and the other politicians.
They pushed for state employees to vote for him and gave huge donations to his campaign.
They have known for years that Quinn and some of his predecessors stole/misused the money allocated for the funding.

All taken from the Illinois State Journal Register:

When it came to pensions, state officials looked out for No. 1.

Lawmakers took care of themselves in 1989 pension revamp. For every additional year they stayed on, 3 percent of their initial pension would be added to their retirement checks. For Jones, working an extra 16 years netted him a $41,000 pension boost in 2009; he drew $126,004 last year.

The 3 percent deal, available to no one in state government outside of the General Assembly Retirement System, or GARS, is another in a long line of pension provisions written by lawmakers for lawmakers, a Tribune investigation found. It also stands as a glaring example of how the legislature repeatedly passed benefit increases with little or no concern for the costs.

Jones was a direct sponsor of many of these questionable deals. In addition to helping long-serving state lawmakers, the former senator sponsored legislation that allowed Chicago aldermen to receive the most lucrative pensions in city government and gave labor leaders public pensions based on their private salaries.

Leading the GARS list of annual pensions is former state Sen. Arthur Berman, who collects $203,428 annually, according to the data, which is as of March 7.
The Chicago Democrat retired from the General Assembly in 2000 with a salary of $59,657. But he later took a higher-paid position with Chicago Public Schools and his pension was determined based on the higher salary under a reciprocal state-pension system agreement that ended in 1994.
Everything I did was legal, Berman, 75, asserts. I served in the Illinois Legislature for 31 years and survived 22 elections. People ask me how I did it and I tell them all I did was 'Campaign 365 days a year.
Berman counters that a public pension and health care insurance is a well-earned benefit necessary to draw capable people to serve in office.

Burris, who is also a former state comptroller, draws a $129,162 annual pension.
Its legal and the law allows it and thats all Ive got to say, says Burris, who recently retired from the U.S. Senate and is not eligible for a federal pension.

Among the states Top 10 retirees are former lawmakers Edward Petka of Will County, who ranks second-highest with $161,280; Judith Erwin of Chicago, who is third-highest with $141,476 and John Friedland of Kane County who is fourth-highest with $140,649.

For incumbents, becoming eligible for a GARs pension is a fairly easy bar to reach in terms of time of the job and age. A member is eligible to start drawing from a pension at age 62 after working at least four years in the system. Members with eight years of work can collect pensions at age 55.

At the end of fiscal 2010, the General Assembly Retirement System was only 26 percent funded with $66.2 million in assets and $251.8 million in liabilities.

Here is another interesting article from the Tribune May 25, 2012
http://media.apps.chicagotribune....ative.html
includes statements from many of the thieves that are receiving pensions today and how they joked that the state was their own credit card to the future.

Here's part of the bill:

'The Commission shall determine the changes to law
11 necessary to ensure that the State Employee Retirement System,
12 the General Assembly Retirement System, the State University
13 Retirement System, and the Teacher's Retirement System will
14 reach 100% actuarial funding for all then-existing liabilities
15 not later than December 31, 2045, calculated and defined in
16 full accordance with the applicable standards and guidelines of
17 the Governmental Accounting Standards Board.

It goes on to elaborate factors to be considered but but doesn't set ANY limits on what can be done. Think about that for a minute. It's also the power to enact a massive tax hike if they decide that is what the commission thinks is needed.

The committee has to introduce their recommendations in bill form and the bill will be judged automatically passed and sent to Quinn for signature unless BOTH the House and Senate reject it by the SAME resolution.

If the bill creating the Commission passes both the House and Senate tonight, in 90 days there WILL be a pension 'reform' bill both the House and Senate have to reject (with the same resolution, not separate resolutions). In 120 days or less, it will be law until it is struck down by the courts.

This is the EXACT ploy the House and Senate used on their pay raises. The pay commission would recommend a pay raise, each chamber would pass different bills rejecting it, but because it wasn't the SAME rejection bill, the pay raises became law automatically.

The Judges Pension System is exempt from all of this because it is a bribe to get them to rule in the state's favor when the lawsuits come forward.