Archive for February 24th, 2013

February 24, 2013

Illinois public pensions

by Neil Rickert

Public pensions have been much in the news recently in Illinois.  This is largely because the state has serious budget problems, and part of those problems are pension related.

[Full disclosure:  I am currently receiving a pension from SURS – the State University Retirement System]

Some state politicians see the public pensions as too generous, and as a drain on the state budget.  So they want to cut pensions.  There are three kinds of cuts that have been suggested:

  • Cuts to people currently receiving pensions;
  • cuts to future pensions of current employees;
  • cuts to pensions of people hired in the future.

I have no problem at all with the third of those.  The state, as employer, can set whatever employment conditions it wants.  People are free to choose not to work for the state of Illinois if they do not consent to the working conditions.

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