Chambers Launch Pension Reform Effort

photo from the Olympia Report

Recognizing the $83 billion pension problem in the state, local chambers of commerce  across the state are joining together to call on legislators to pass pension reform.  Illinois’ pension systems are the worst funded in the entire nation and we are in dire need of making changes to the system.  Simply transferring the cost of funding pensions from the State to units of local government only shifts the tax burden from one type of tax to another.  A massive shift of pension costs to local governments will cause property taxes to explode.  Of particular concern is the idea that local governments bear the cost, but the legislature retains control of benefits.  Chambers agree that a gradual, partial shift of the cost to local governments can be considered but only after other reforms have been secured and only if local governments control pension benefits.

To learn more, read our background information on the pension systems here as well as our position paper.  To join the pension reform effort, fill out this form and fax to Sarah Frye at 217-522-5518 or email at sfrye@ilchamber.org.