Illinois’ 2022 gubernatorial candidates and their plan to ease the pension burden

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Eight candidates are running for governor of Illinois. We sent questionnaires to each of the candidates on the ballot, asking them to answer questions about pension obligations, the state’s population loss, escalating health care costs, how to handle a COVID surge and what small businesses need due to the pandemic.

This is the first in a series of five articles revealing their answers to these questions – the candidates are listed below in alphabetical order.

Darren Bailey (R)

Did not respond to repeated requests to complete questionnaire.

Richard C. Irvin (R)

“As mayor, I know how important and difficult it is to balance your budget. commitments to our first responders, by stopping tax hikes, promoting economic growth and reducing wasteful spending to reduce taxes When it comes to local pensions, we need to bring all parties together to work on benefit modernization to ensure that our workforce and our public safety employees have a pension they can count on.

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Beverly Miles (D)

Beverly Miles

“How do you recover money from bad investments and underfunding? From the outside, I am afraid to think of the financial damage that has been done. During my first 6 months power, I would conduct a full one-on-one toe check of each agency to determine financial bleeding. Based on this, I will hire a financial/retirement discipline team to absorb those misplaced pension funds without charging taxpayers for previous years of mismanagement.

JB Pritzker (D)

JB Pritzker

“For more than 70 years, past governors and general assemblies have seen the patchwork of local police and fire pension funds grow into the second-largest number of individual schemes in the country. Many attempts have been made to consolidate funds from the suburbs and downstate, but neither succeeded. I brought both sides of the aisle together to achieve what none of our predecessors were able to do: consolidate the 650 central and suburban pension funds to just two, amplifying their investment power by $15 billion and reducing the burden on property taxpayers.We’ve seen tens of millions of dollars in higher returns and lower fees as a result. Working together, we’ve helped hundreds of cities ease their spiraling property taxes and we’ve shown that Illinois can solve our most intractable problems. There’s more work to do. there is to be done, but it is one of the most important reforms ever made to ease the pension burden of municipalities and their residents. “

Gary Rabine (R)

Did not respond to repeated requests to complete questionnaire.

Paul Schimpf (R)

Did not respond to repeated requests to complete questionnaire.

Max Solomon (R)

Max Solomon

“CPR for Illinois – Constitutional Pension Reform.”

Jesse SullivanR

jesse sullivan

“After decades of corruption and bad decisions, Illinois taxpayers and retirees are suffering.

“An average family of four in Illinois owes more as a share of that unfunded debt ($76,000) than they earn in household income ($63,585). This prevents us from investing more in priorities such as education, tax relief and law enforcement.

“We need a solution that protects retirees and taxpayers. We need an amendment to the state constitution that protects all benefits already vested, but allows changes to future benefit growth. Real reform requires a hybrid defined-benefit, defined-contribution pension system as an alternative for new workers that’s more like a private sector-style 401(k).And we don’t have to look far to find WHAT WORKS: Over 20,000 employees in our state university system have already opted into a 401(k) retirement plan.

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