Pension proposal gets tough reviews
Updated: January 6, 2013
SPRINGFIELD -- State leaders laid out a new pension proposal this weekend, and it's already getting some tough reviews. Some say it doesn't do anything to address the real problem.
The Illinois Policy Institute is offering up its own idea in response to the latest proposal. It believes state workers should get 401(k) style plans. It would let them choose their own fate, rather than lawmakers.
The Illinois Policy Institute is offering up its own idea in response to the latest proposal. It believes state workers should get 401(k) style plans. It would let them choose their own fate, rather than lawmakers.
"No one really trusts the politicians to manage their money going forward. What we need to do is give workers control over their own money, so they can choose where their retirement savings go, and what their retirement plan ultimately looks like," said Jonathan Ingram with Institute.
The idea isn't exactly new, but Ingram says it's proven to work. Take the private sector for example. He says 85% are in similar programs. And they're not the only ones, about 10,000 state workers are too.
Other groups are speaking out, including the We Are One Coalition. Its reps say they're very disappointed with the latest pension proposal. They're also threatening to sue if lawmakers pass a plan that violates the state's constitution.
