This is a couple of days old, but I have great news to share:
The Illinois Supreme Court on Friday unanimously ruled unconstitutional a landmark state pension law that aimed to scale back government worker benefits to erase a massive $105 billion retirement system debt, sending lawmakers and the new governor back to the negotiating table to try to solve the pressing financial issue.
The ruling also reverberated at (Chicago) City Hall, imperiling a similar law (Chicago) Mayor Rahm Emanuel pushed through to shore up two of the four city worker retirement funds and making it more difficult for him to find fixes for police, fire and teacher pension funds that are short billions of dollars.
At issue was a December 2013 state law signed by then-Democratic Gov. Pat Quinn that stopped automatic, compounded yearly cost-of-living increases for retirees, extended retirement ages for current state workers and limited the amount of salary used to calculate pension benefits.
The Illinois Supreme Court unanimously struck down the pension theft scheme despite Democratic Illinois Attorney General Lisa Madigan basically arguing that politicians don’t have to abide by the Illinois Constitution, which contains provisions protecting the pension benefits that our state’s public employees pay into one of several public employee pension systems, if there’s a significant pension shortfall. The Illinois Supreme Court, which has four Democrats and three Republicans, ruled unanimously that the provisions of Illinois Constitution pertaining to public employee pensions do, in fact, apply to politicians who try to screw over retirees.
Make no mistake about it, the fight against the Quinn-Rahm-Ranuer pension theft scheme is far from over.