Cutting pensions is a bad idea

Cutting pensions is a bad idea

A lot of opinions have been splashed across editorial pages recently about how we need to fix the pension crisis. We’ve been talking about this issue for decades, but solutions that damage the pension systems are not just wrong, they are shortsighted, dishonest and unconstitutional. We all need to be reminded of a most basic American promise made generations ago to our retiring citizens: If you work hard, pay taxes and play by the rules, you have earned a secure retirement.

Teachers, firefighters, policemen, custodians and other public employees live up to their end of the bargain every day. They never miss contributing their share each paycheck into retirement plans that provide them with the fundamental financial security they’ve earned over a career of service. It bears repeating that the state saves nearly $1 billion annually by not having to pay the employer cost for Social Security. These modest pensions average $32,000 a year; for many it represents their life savings.

Trying to address the pension debt by lowering benefits is nothing more than making teachers and public employees pay for a problem they didn’t create. There are solutions to our financial crisis, like finding different revenue streams and restructuring the debt. Why aren’t Illinois leaders talking about them? Is it because it’s easier to do that than live up to their oath of office?

A report produced by Senate President John Cullerton’s office concludes it would be unconstitutional to cut the pension benefits of current employees. Unfortunately, elected officials are advocating that we pass the buck to the courts. It’s a bad idea that will cost millions and significantly delay finding a real solution. There is a better way.

Dan Montgomery

President

Illinois Federation of Teachers