Change the state’s retirement plan

If we want to understand the cost for government and public education, we must move every legislator, state employee, teacher, firefighter and police officer to a defined contribution retirement plan. While this change may seem expensive (since unions and employees would rightfully demand some equivalency) we would finally understand the real cost of the services we request and the benefits our legislators grant.

This change would immediately improve governance and benefit the taxpayers and public service employees. All public service employees would receive an immediate salary increase and gain control over their retirement and savings plan. Those who want to retire at 50 could save accordingly and wouldn’t be tied to jobs they no longer enjoy. Those that could live within their means could leave a legacy for their heirs, not a debt to their children and ours.

With labor cost clarity, we would buy what we can afford and we would innovate or eliminate unjustified expenses. With the majority of Illinois residents on a similar pension plan (a defined contribution or 401(k) plan) our interests would align. Relieved of unpredictable future benefits, we could avoid the pension “legacy costs” that ruined United Airlines, Chrysler and GM.

Finally, politicians would no longer be able to trade votes for extraordinary benefits. They’ve done this for years because it’s a great way to ensure campaign donations and votes from powerful voting blocs, but it’s detrimental to most Illinois residents.

The current system is unfair to the taxpayers and our children. Eventually it will be unfair to those employees entwined in the systems collapse. Our pension problem has been building for two decades and will not be resolved until the General Assembly and the governor put the interest of the majority ahead of personal political objectives and the demands of special interests groups.

John Parker

Schaumburg