Business Groups Back Illinois Pension Plan
by the Associated Press
Business groups including the Illinois Chamber of Commerce and the Illinois Manufacturing Association say they're in favor of a pension overhaul that lawmakers are poised to consider this week.
The Chamber said in a statement Monday that the reforms estimated to save $160 billion over 30 years will provide relief for taxpayers and stabilize pension funds.
The Illinois Manufacturing Association says the pension debt forces reductions in investment in education, transportation and other state programs. The group is urging members to lobby lawmakers for a "yes'' vote.
The Civic Committee, a group of senior business executives, also supports the proposal.
Illinois has roughly $100 billion in unfunded pension debt. Its pension systems are the worst-funded of any state nationwide.