Illinois lawmakers ought to give up their state pensions.
Legislators are part-time employees, but they make nearly $70,000 a year and in some cases can qualify for a pension after as little as four years in office at age 62. If they were elected before 2011, they can retire at 55 and collect a pension after eight years of service.
Those pensions (like all pensions in Illinois) are not subject to the state income tax, and lawmakers also get health insurance benefits after they retire.
With the state facing roughly $80 billion in unpaid pension liabilities and on the verge of financial collapse, the elected officials who created this crisis ought to be ashamed to accept such largesse from taxpayers.
via Southtown Star.
I can’t remember where exactly but I once wrote about this at length. Elected folks should earn a salary based on their more recent private sector salary. And when they’re done with their “service” they should not receive a nickel from the taxpayer.
This change alone would solve many many of our problems.