The labor coalition that’s fighting the state over pension restructuring is urging lawmakers not to give money to Archer Daniels Midland. Dan Montgomery, head of the Illinois Federation of Teachers, says it would be a losing proposition for the state to reduce retirement benefits for teachers and state workers, and then turn around and hand the savings over to a corporation with profits in the billions.
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“It might be win-win for the 1 percent corporate elite at Archer Daniels Midland to have a multi-million dollar corporate tax gift from the state of Illinois, but it’s lose-lose for the people in the state,” he said. The Illinois Federation of Teachers is part of the We Are One coalition, which is trying to prevent cutbacks in public pensions. ADM is moving its headquarters out of Decatur, and is asking for $20 million to move it to Chicago.
The coalition is critical of the governor’s effort to get ADM to use its clout to lobby lawmakers to enact pension cutbacks.