New Pension Plan Would Shift Costs to School Districts, Increase Employee Contribution
Proposal would phase in additional costs to local districts over a period of years, increase retirement age for younger workers.
A new pension reform plan introduced Wednesday would alleviate the state’s $95 billion liability by requiring local school districts to pay more for teachers’ retirement benefits while increasing employee contributions. Rep. Elaine Nekritz (D-Northbrook) unveiled the proposal on Wednesday, saying the plan would pay for the state’s entire unfunded liability. But in Plainfield, at least one local official doesn’t think the proposal will find enough support to become a reality. Sign up for the Plainfield Patch newsletter. “We have to have a pension that we can afford,” District 202 school board member Mike Kelly said. “Some of this has to happen.” But, he said, “This would be just another … unfunded mandate,” noting that while local school …
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Face in the Crowd
5:04 pm on Sunday, June 3, 2012
If you didn't already know, Downtown Plainfield is a TIF district which means that the tax revenue generated within the district does not go to fund public services, but rather is put back into the pockets of business and developers. The state of IL did not collect over a billion dollars last year due to TIF districts and other tax loopholes that favor (big) business. more ›