Peoria Public Radio Staff
Thu March 27, 2014
Pension overhaul could save less money than originally thought
The pension vote came with promises of big savings -- $160 billion. Then, after it was already law, a new analysis of the bill said, well, maybe we'll save $145 billion. This latest report puts savings even lower, at $137 billion.
Republican gubernatorial candidate Bruce Rauner is jumping all over that, as is state Rep. David McSweeney, from Barrington Hills.
"This bill is not going to save the pension system. We need to get back to work and adopt real pension reform."
Except this latest report, from the legislature's bi-partisan budget forecasting arm, says it's "tenuous" to compare the new numbers to the original projection. It says a big reason for the difference is great investment returns last year. Because of THAT, the pension hole we're climbing out of isn't quite as deep.Of course, for any of this to matter, the pension overhaul has to survive an ongoing court challenge.