A business group says the Illinois pension system is ``unfixable'' and that even current retirees' benefits will have to be cut to keep it from bankruptcy.
The Civic Committee of the Commercial Club of Chicago told members Wednesday in a memo - shown to The Associated Press in advance - that keeping the state's five pension systems from collapsing will require drastic action.
That includes eliminating annual cost-of-living increases, capping the salaries that pensions are based on and more.
Committee president Tyrone Fahner told the AP that current state employees and teachers will never see the benefits promised them. The systems are underfunded by at least $85 billion.
The committee hopes to light a fire under a stalemated Legislature. Fahner says lawmakers' ideas for reducing benefits are ``half measures.''
Meanwhile a spokesman says Illinois Governor Pat Quinn is happy the Civic Committee will help ``sound the alarm'' on pension reform.
The group also sent the governor a sharply worded letter about inaction in the Capitol. But a Quinn spokesman welcomed committee pressure on legislators to keep the program afloat. The committee says benefits for all pensioners must be cut and proposals in the General Assembly are insufficient.
The ``We Are One Illinois'' coalition of labor unions opposing pension cuts criticized the memo for not demanding a requirement that the state pay its fair share to pension programs.