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Friday, April 26, 2024

Harvey's crisis involving pension funds should be spurring reform, Bailey says

Springfield(1000)

Springfield, Illinois | By Éovart Caçeir at English Wikipedia, CC BY-SA 3.0, https://commons.wikimedia.org/w/index.php?curid=10535377

Springfield, Illinois | By Éovart Caçeir at English Wikipedia, CC BY-SA 3.0, https://commons.wikimedia.org/w/index.php?curid=10535377

Darren Bailey hopes the financial crises playing out in Harvey may finally serve as the impetus to bring Illinois lawmakers together.

“This was just a matter of time,” Bailey told the SE Illinois News of Harvey’s financial crisis that has led to the city being forced to lay off at least 30 police officers and firefighters. “This is a statewide problem and all state leaders need to be working together to try to fix this, not on a Republican or Democratic plan, but the best plan.”

In Harvey, CBS reports even more pink slips could be coming after a recent court decision stipulated that city officials have to now make good on pension payments they can longer afford and have not adequately funded for more than a decade.


According to Wirepoints.com, overall nearly two-thirds of the state’s 651 pension funds were underfunded as recently as 2016, with all those delinquent municipalities now potentially subject to also being garnished.

“Pensions have been overpromised and many politicians, Republicans and Democrats, are to blame,” said Bailey, a Xenia Republican running against Democrat Cynthia Given of Olney in the 109th House District. “Sooner or later this had to happen and now maybe we’ll really get down to addressing it because this is only the tip of the iceberg.”

Bailey said one of the first things he plans on doing once he takes office in Springfield is shining more light on the issue so more residents can know just how serious the problem is.

“People are leaving the state over issues like this, and more of them could be heading for the door,” Bailey added. “We need to be prioritizing our spending and trying to make things better for all our residents. At some point, you knew this bubble had to burst.”

The 109th House District includes parts or all of Jasper, Effingham, Clay, Richland, Lawrence, Wabash, Wayne, Edwards and White counties.

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