The Danville Commercial-News had to terminate it's Monday home-delivery edition (times are tough), but it has an eye-opening article on it's E-edition (not sure about on-the-rack issues). Check it out:
Schools fear Quinn's idea to shift pension costs.
Quinn wants to shift $1.3 billion of it's unfunded $85 billion pension system to all school districts outside of Chicago. According to the article, that would represent more than a 400% increase for local school districts to come up with. I'm guessing that not too many voters will want to see their property taxes climb so much, especially after the increase in their state income tax.
It gets better...Since a 1995 pension reform bill was enacted, Chicago was already funding the 'employers' portion of pensions, which is what Quinn now wants all school districts to do, but unfortunately Chicago officials persuaded the Legislature to let them slide on more than $1 billion owed the Chicago Teachers Pension Fund through 2013, when they said they couldn’t pay. What was their 'method of persuasion, I wonder. Threatening to break some kneecaps? This is Chicago we're talking about, after all.
Remember when Sears and the Chicago Mercantile Exchange threatened to leave Illinois because of the higher corporate income tax? Legislators were falling all over themselves developing a 'package' (bribe) to persuade them both to stay. I fired off a nasty email to my representative threatening to move out of Illinois, but that I could be 'persuaded' to stay. I haven't heard back from him yet.