The Springfield Journal-Register is reporting that Springfield Democrats have reached what they are calling a Grand Bargain on a budget agreement.
Illinois has gone longer without a state budget than any state in history.
But the cost of reaching an agreement looks to be another go at pension theft.
Cullerton has been talking up his pension plan for a while now. It would not impact current retirees. Our pension was secured by the 2015 decision of the Illinois Supreme Court.
Will the Cullerton choice model survive an inevitable court challenge?
I don’t think so. It is a choice between two diminishments and would not qualify as consideration. Consideration is required to change a contractual agreement. The change must offer something of equal or greater value to current employees.
If pension theft is part of the Grand Bargain between Democrats and Rauner, look for more litigation and further delays in reaching a pension solution.