Republican Bruce Rauner, the victor over Democratic incumbent Pat Quinn in the recent Illinois gubernatorial race, may regret he ever wished to win elective office. Rauner, onetime chairman of Chicago private equity firm GTCR, has had no real profile on retirement policy but finds himself staring at what may be the most serious pension mess among the states. As of June 30, 2014, Illinois’s pension debt had reached $111 billion; Moody’s Investors Service reported in September that the state’s three-year average pension liability over revenue was 258 percent, five times the median percentage for all 50 states. In 2013, Quinn persuaded the legislature to pass a bill raising the retirement age and cutting cost-of-living increases for beneficiaries. But the Illinois constitution holds that pensions cannot be “diminished,” and a coalition of public employee unions sued. And on November 21, Sangamon County Circuit Judge John Belz found the law unconstitutional, declaring, “Protection against the diminishment or impairment of pension benefits is absolute and without exception.” Depending on various appeals, Rauner, 57, could try to implement his campaign agenda for pensions, which includes capping the current program and shifting members to a defined contribution plan — though he has begun to talk of just shifting new employees to avoid legal problems. Rauner has said he’d seek to keep benefits from rising faster than inflation and would eliminate employees’ ability to receive large pay hikes before retirement to beef up their pensions. The odds of pushing these reforms through a Democratic-controlled state senate remain long, made worse by allegations that Rauner (and separately, Chicago mayorRahm Emanuel[No. 4]) accepted contributions from executives affiliated with firms that manage Illinois pension plans. Rauner has not publicly responded to the allegations.
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| Bruce Rauner Illinois |
约翰和 Laura Arnold Laura and John Arnold Foundation |
Randi Weingarten American Federation of Teachers |
Rahm Emanuel 芝加哥 |
David Boies Boies, Schiller & Flexner |
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| Randy DeFrehn National Coordinating Committee for Multiemployer Plans |
Damon Silvers AFL-CIO |
Laurence Fink BlackRock |
Chris Christie New Jersey |
Robin Diamonte United Technologies Corp. |
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| Ted Eliopoulos California Public Employees’ Retirement System |
John Kline Minnesota |
J. Mark Iwry U.S. Treasury Department |
吉娜莱蒙多 罗德岛 |
Phyllis Borzi U.S. Labor Department |
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| orrin hatch. Utah |
Abigail Johnson Fidelity Investments |
Ted Wheeler 俄勒冈州 |
Caitlin Long Morgan Stanley |
詹姆斯·霍法 Teamsters的国际兄弟会 |
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| Amy Kessler Prudential Financial |
Alejandro García Padilla Puerto Rico |
Christopher Klein U.S. Bankruptcy Court for the Eastern District of Caifornia |
Steven Rhodes Bankruptcy Court for the Eastern District of Michigan |
凯文·德莱昂 California |
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| David Draine Pew Charitable Trusts |
Jordan Marks National Public Pension Coalition |
Sam Liccardo California |
Joshua Rauh Stanford Graduate School of Business |
Karen Ferguson and Karen Friedman Pension Rights Center |
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| Timothy Blake Moody’s Investors Service |
Kathleen Kennedy Townsend Center for Retirement Initiatives, Georgetown University |
Edward (Ted) Siedle Benchmark Financial Services |
Daniel Loeb Third Point |
朱迪母马 Employee Benefits Security Administration, U.S. Labor Department |
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| Andrew Biggs 美国企业研究所 |
Andy Stern Columbia University |
Kenneth Mehlman. KKR & Co. |
Teresa Ghilarducci New School for Social Research |
A. Melissa Moye. U.S. Treasury Department |