Illinois Comptroller Judy Baar Topinka says she likes what she has heard so far of a pension compromise proposal that would supposedly save the state $138 billion.
The idea, which Senate President John Cullerton (D-Chicago) is bicycling around in advance of this month’s legislative veto session, calls for tying the cost-of-living adjustment to the rate of inflation.
“We’ve taken away their pensions and their livelihoods and their ability to live into their old age,” theorizes Topinka. “Let’s be fair about it, and I think if you look at it that way, it might take a little bit longer, but we will make the necessary efforts to get our credit rating back – and up!”
Topinka says her office’s backlog of bills is about $7.5 million, with about a three-month turnaround to pay; she expects both figures to go up soon.