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Civic Committee Pension Plan Would Have Cost Taxpayers $34 Billion

10/19/2011

The Illinois Education Association has issued a press release citing a study of Senate Bill 512 that shows it would have cost taxpayers $34 billion more than the current pension system. The study was done by Buck Associates, a world renowned actuarial firm. SB 512 seeks to reduce pension benefits for current members of public pension systems by requiring increased contributions to the plan. Members in all of the state funded, Chicago and Cook county pension systems would be impacted by this legislation.

As the IEA notes, "SB 512 was developed by the Civic Committee of the Commercial Club of Chicago, a group of millionaire CEOs. For years, the Civic Committee has waged a war against pensions for teachers, firefighters and other public employees."

 

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