The two candidates for governor presented drastically different positions on pension reform in their first joint appearance. Speaking to the Illinois Education Association in Chicago on Friday, Republican nominee Bruce Rauner claimed his plan wouldn’t slash benefits.
“I’m the one political candidate…in this governor’s race who does not want to change the deal for existing retirees or existing, accrued benefits in the pensions,” Rauner said.
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Rauner instead wants to create a new pension system for future work that would be similar to a 401(k). Quinn is against that idea.
“It’s more in my opponent’s best interest. A risky 401(k) plan for our teachers of Illinois? No way,” Quinn said.
The pension reform law Quinn signed last year would reduce the annual cost of living adjustment for retirees. Rauner claims his solution would keep those increases in place in the old pension system as it’s phased out.