Republican state Senate candidate Craig Wilcox is calling for quick action by lawmakers to correct the state’s pension crisis.
An analysis by Wirepoints.com, a research website that focuses on Illinois’ economy and government, recently found that the crisis has been driven by overpromising benefits and not underfunding.
"For generations, Illinois politicians have promised far more than they could deliver," Wilcox told the McHenry Times in an email. “Their malfeasance has led to an unfunded pension liability that outpaces the rate of the state's economic growth by nearly eight-fold.”
Wilcox, who is running for Senate in the 32nd District against Democrat Mary Mahady, is also a retired Air Force colonel and a McHenry County board member and has some ideas on what the state must do to change course and remedy its pension problems.
“Among the immediate fixes that we MUST do to stop the bleeding is take swift action to move all new state and public sector employees into self-managed 401-k style [sic] plans,” he said. “This move is necessary to save the pension systems and give us a chance to work through a solution to the insolvent pension crisis.”