* I’m outta here for a few days, and, apparently, just in the nick of time. But my former intern Barton Lorimor will be handling blog duties starting tomorrow. He may do some work today. Go easy on him and stay reasonable in comments, please.
My wife asked me what I wanted for my birthday and I said that for as long as I can remember I’ve wanted to go to spring training. Since the GA is not in session this week, we’re doing it. My wife is not a baseball fan, but she does love her some Ozzie, so I promised that in exchange for tolerating six baseball games in five days I’d somehow find a way for us to meet the guy. The stalking begins tonight.
* He didn’t completely back off his $8.7 billion borrowing plan to pay off old bills, but Gov. Pat Quinn is now emphasizing a different proposal…
Quinn said he is now focused on an “emergency” borrowing of “about $2 billion” to pay off health care debts.
The idea is to pay those who provide health care for the poor before July 1, when the reimbursement rate from the federal government drops and Illinois would lose out on millions of dollars. The short-term loan would be repaid using money from the recent income tax increase.
“We’re talking about roughly $175 million that we would leave on the table,” Quinn said.
State law requires that three-fifths of lawmakers vote in favor of borrowing proposals, which means that some Republican support is a must.
Quinn said he has approached Republican leaders with the idea, but said so far he has been “disappointed in them,” saying they are too busy playing political games.
The Medicaid borrowing idea isn’t exactly new, but you’d have to be a subscriber to know that.
* Despite his statements yesterday, Quinn clearly still supports the larger borrowing plan. Watch…
The Teachers’ Retirement System, the largest and costliest of Illinois’ pension programs, is now almost $40 billion short of what’s needed to cover future benefits — the deepest financial hole in 20 years of state records.
As it stands now, Illinois teachers get higher benefits, on average, than government retirees in most pension plans around the country, according to an analysis by the National Association of State Retirement Administrators. Illinois’ average teacher pension for retirees covered by TRS — about $41,000 — ranks seventh highest of the 101 major pension plans tracked by the association. Illinois pensions are not taxed by the state. […]
At the same time, TRS educators contribute 9.4 percent of pay for their pensions, which Illinois Education Association president Ken Swanson pointed out is high compared with contributions required around the country.
“We understand that, in these times, IEA members generally have good jobs with good benefits. We believe preserving these benefits is essential to attracting and retaining a high-quality workforce in every public school,” Swanson said in a statement provided to the Tribune.
TRS is now 48.4 percent funded, compared to 67.1 percent for the Chicago teachers pension fund. The difference? TRS relies almost solely on the state and teachers for its money, while Chicago’s system receives relatively few state dollars. Senate President John Cullerton wants Downstate and suburban districts to start kicking in a lot more cash, like Chicago’s district does, and his spokesman John Patterson makes a good point…
“Suburban and downstate districts effectively set pensions by their salary decisions, but the state isn’t part of those decisions,” Patterson said, even though the subsequent pension costs are pushed off to state taxpayers.
* Related…
* VIDEO: Gov. Quinn on tuition increase and revenue projections
* Chicago-St. Louis fast-train project moves along: The governor milked the ‘fast train’ project for good news again Tuesday afternoon, announcing phase two of the $1 billion dollar effort to lessen the time it takes to travel by train between Chicago and St. Louis. And the supporters of the project, originally part of the Obama administration’s stimulus program, say it will create over 6,000 new jobs in Illinois.
* Illinois governor backs unions at UAW convention
* State legislators urge Quinn to look at Rockford to ease O’Hare congestion
