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Budget Solutions 2014: Pension reform and responsible spending for state and local governments

Budget Solutions 2014: Pension reform and responsible spending for state and local governments

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Budget Solutions 2014 offers a sound and distinct alternative to the failed policies of the past. This plan returns $7 billion to taxpayers by repealing the 2011 tax hike and implementing spending reforms, it pays down the states $9.3 billion in unpaid bills by 2016, it reforms the state's retirement system, and it improves state provision of healthcare and education, ensuring that the state's most needy residents receive the support they deserve.
Budget Solutions 2014 offers a sound and distinct alternative to the failed policies of the past. This plan returns $7 billion to taxpayers by repealing the 2011 tax hike and implementing spending reforms, it pays down the states $9.3 billion in unpaid bills by 2016, it reforms the state's retirement system, and it improves state provision of healthcare and education, ensuring that the state's most needy residents receive the support they deserve.

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Published by: Illinois Policy Institute on Feb 28, 2013
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illinois Policy instituteFeb. 28, 2013sPecial rePortbudget & tax
Budget Solutions 2014:
Pension reorm and responsible spendingor state and local governments
Ted Dabrowski, Vice President o Policy Benjamin VanMetre, Senior Budget and Tax Policy Analyst Jonathan Ingram, Director o Health Policy and Pension Reorm
Additional resources: illinoispolicy.org
190 s. ls s., s 1630, ch, il 60603 | 312.346.5700 | 802 s. 2 s., sp, il 62704 | 217.528.8800
 
 Vision
th i P i’    k i    k  j       p  h   a.
Mission
th i P i p h  h,   w hh    p p   pp i  a. a   p h   z, h i P i  p  p   z  wk h hp h   p .
 Approach
th i P i’ pph     pp  k p h  w. th     wh  k     w  h   h . Wh  h k k? i    pp wh h      ,   h  hh-q  h k  z p h     p  p  .
illinois Policy institute
 About the Illinois Policy Institute
Executive summary
 
3Pension reorm plan 4-13
•
ow
4
•
P 
5-13Responsible spending or state and local governments 14-26
•
ow
14
•
th  
15-17
•
sh i’   q
18
•
e  p p 
19
•
eh  p   
20
•
r   hh 
21
•
epw p wh hh  h
22
•
e   h p
23
•
r g s a   
24
•
ip q    h 
25
•
rh-z  p
26Endnotes 27-28Guarantee o quality scholarship 29
Table o Contents
 
p. | 3
illinois Policy instituteFeb. 28, 2013executive summary budget & tax
Budget Solutions 2014:
Pension reorm and responsible spendingor state and local governments
Executive summary
i   . a    ,i h   p   $96  – hw  h . th h  ,  wh h’   --, w p, h h     h p.i    pp   p  p. a wh ,  wk  k   h    . i’    p , h th’ r s,  40 p . e h    h h  h trs w    2029    . mwh, p – wh  pp  –          wk  .o h , i h     p “.”F i g. J e’ w h p p,whh w     p  2045,  wh10    p. F g. r bjh w$10   p  p. H ,  ig. P Q, w h $7   p  p.th p     p  h  h   i’ p:    .th   h . th i P i’ phw wk hw.r p  h   p i    h p. b p   ’ h.a   h p,  i’  w q p  p p h:  $7  p  p h 2011   hk p p ; p w h ’ $9.3  p   2016;  p hh     h ’    h pp h .P wh h i P i’ p p, h  p Q  h i ga  p  k i    k j .

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