Martwick, a Democrat, heads the legislative pension committee in Springfield and parades as a friend of teachers.
He argues for a plan to privatize teacher pensions and move them from a defined benefit plan to a defined contribution plan.
Yesterday we received the following from the Teacher Retirement System.
I have seen this coming since the Illinois legislature passed a Tier III to try and fix what they screwed up with Tier II.
There is a looming crisis with Tier II teachers, as the first are now expected to retire as soon as 2021. The pension they receive will likely not meet Social Security requirements of “Safe Harbor” and they will file suit to be made whole.
As former Chicago Mayor Rahm Emanuel used to say, “Let no good crisis go to waste.”
In this case, the looming crisis with Tier II allows for privatizing the system and moving the costs from the state to the local district.
Which is a disaster for local already underfunded school districts.
We have been waiting for a while to see how the Tier III will work out because, as usual, the legislature passes shit without worrying too much about details and consequences.