Illinois Comptroller Judy Baar Topinka says she likes what she has heard so far of a pension compromise proposal that would supposedly save the state $138 billion. The idea, which Senate President John Cullerton (D-Chicago) is bicycling around in advance of this month’s legislative veto session, calls for tying the cost-of-living adjustment to the rate of inflation.
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“We’ve taken away their pensions and their livelihoods and their ability to live into their old age,” theorizes Topinka. “Let's be fair about it, and I think if you look at it that way, it might take a little bit longer, but we will make the necessary efforts to get our credit rating back – and up!”
Topinka says her office's backlog of bills is about $7.5 million, with about a three-month turnaround to pay; she expects both figures to go up soon.