Has “two-tier” stalled? (Correction)
We have been reporting that the attempt to screw incoming teachers with a two-tiered pension system seems to be losing steam in Springfield.
Just so nobody misunderstands, this is no time to stop the pressure.
But Progress Illinois is saying:
Rep. Kevin McCarthy’s measure (SB 1292) to establish a two-tiered pension system in Illinois appears to have stalled after zooming through committee earlier this week. Yesterday, we explained how the two-tiered plan, as designed by Gov. Quinn, would actually end up costing taxpayers nearly $100 million more over the next four decades than the current system. A separate measure to establish a Pension Modernization Task Force (HJR 59) has attracted 35 co-sponsors since being introduced on Wednesday.
Correction: A reader points out that the number quoted above from Progress Illinois is in error. The actual cost of the two-tiered plan to taxpayers is nearly $100 billion (not million). You can check those numbers here and here. Thanks to the careful reader.
