Most Illinois voters might be surprised by their ballot when they vote next month – but they’ll be shocked by the consequences if it passes. Proposed Constitutional Amendment 49 “adding Sec. 5.1 to Article XIII,” claims to address the state’s pension obligations.
First, given the shortfall of more than $80 billion in Illinois’ five pension plans, voters should ask how a new Sec. 5.1 would deal with the money the state owes those pensions. It does nothing.
Conservative estimates indicate Illinois is $83 billion short of what it has promised state workers in retirement benefits. But Ralph Martire of the Center for Tax and Budget Accountability said said there is nothing inherently wrong with the state's pension plans.
He said the problem is that for 40 years the state “borrowed like a credit card” from pensions to pay for other services. But instead of acknowledging that, state leaders and lawmakers have played politics with the issue.