The Illinois Policy institute says that the nearly $100 billion pension obligation must be addressed in a meaningful way if Illinois wants to rebound from a week of two credit downgrades in just a matter of days.
Ted Debrowski with the IPI says that lawmakers should look at setting up a 401(K)-style retirement plan for state works that resembles what the private sector has.
That would give state workers more control over their retirement and would not have state employees relying on politicians to fund their pensions.
Debrowski says there’s a danger in how the general assembly acts.
If they fail to pass meaningful pension reform that could lead to more downgrades in the future.
Listen to Greg Bishop talk with IPI's Ted Debrowski (mp3 download).