7/29/2019 HB 3411 makes Illinois already-broken pension system worse

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illinois Policy institute MARch 13, 2013

Policy sPotlight budget & tAx

HB 3411 makes Illinois already-broken pension

system worse

i a w a, a r a pa

Additional resources: illinoispolicy.org

190 s. lasa s., s 1630, ca, il 60603 | 312.346.5700 | 802 s. 2 s., sprf, il 62704 | 217.528.8800

Ben VanMetre, Senior Budget & Tax Policy Analyst

HB 3411 pa vr i p r w mr am rk p a av p vrm rrmm ap. t :

1. Perpetuates unstable, unpredictable and

unmanageable defned beneft systems t k rvr i p r a f f m,w r ar a r wa pr w m m w aa a ar.tr ra a ara pr mvm m, a a a r rr v mak a marm a mp p rpam a ar prmar a r. hb3411 prpa a f f p r w arr mp.

2. Sets up a new pension payment ramp: Edgar 2.0 hb3411 r a ar rpam ramp p k p pam ak r r arar a a mak mar ra. Frmr gv. Jm ear a mar appra 1996. t ramp wrk a a w wrk rwar.

The Cross-Nekritz plan Edgar ramp 2.0

Source: Actuarial valuations of HB 6258 Illinois Policy Institute

3. Sacrifces nongovernment workers with a pension

unding guarantee hb 3411 arapr rp z vrm wrkr a p ar apar. ta ar ammra. i r rp pp rm q m vrm rva a m wr. Frr, wrk a apr apar av wrr a akppvrm a rrm m w r r w rrm.

Real reorm would:

1. impm a a, pra a maaa fr m.

2. ema p ramp a rpa w a vpam .

3. ha r a ara w amapar r rwar.

Real reorm is HB 3303.

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20412037203320292025202120172013

(In billions of dollars)