The State's Credit Fundamentals Continue to Improve
Sustaining the Pension Systems
A Five-Tiered Approach
The Governor's approach to pension stabilization, taken collectively with
the expansion of the tax revenue base and the ongoing investment in
priorities that will grow our economy, will put the state on a sustainable
path that keeps its promises to retirees.
1) New dedicated revenue from the fair income tax on top of certified
amounts
2) Extend the current pension buyout program
3) Infuse the systems with additional assets from the issuance of new
pension funding bonds of $2 billion
Establish two task forces: Pension Asset Value and Transfer Task
Force and a Pension Consolidation Task Force
5) Restructure the pension debt to make payments more sustainable by
modestly extending the target date to fiscal year 2052
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AL OF THE STAT
OF ILLINO
AUG. 26 1818View entire presentation