Columnist says pre-retirement pay increases must be stopped.
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Illinois has the worst credit rating in the nation due in large part to its massive unfunded pension liabilities, but even modest reforms to the state’s biggest problem are no match for election-year politics.
Two Republican lawmakers already are pushing to repeal a lower cap on end-of-career pension spiking included in the state budget in May. Sen. Dale Fowler, R-Harrisburg, and Sen. Neil Anderson, R-Andalusia, are sponsors of Senate Bill 3622, which is also supported by the Illinois Education Association. The bill would reverse a recent change meant to penalize taxing bodies for pension spiking.
The budget for fiscal 2019 mandated statewide pension funds like the Teachers Retirement System to bill a local employer, such as a local school district, for boosting salaries by more than 3 percent a year in employees’ final years before retirement. The bill sponsored by Anderson and Fowler would push that cap back up to 6 percent, where it was set by a 2005 law before the budget passed this spring.
Both Fowler and Anderson voted for the budget back in May. The budget passed with bipartisan support. A news release on Anderson’s website notes that the budget includes reforms “capping end-of-career salary increases that cause pension spiking.”