Lawmakers discuss proposal to borrow $107B to pay down pension debt

An Illinois House committee Tuesday afternoon began exploring the idea of borrowing more than $100 billion to both invest and to help pay down the state’s $130 billion unfunded pension liability.

Under questioning, the proposal’s author admitted there is risk to taxpayers.

During a fact-gathering hearing of the House Personnel and Pensions Committee, state Rep. Rob Martwick, D-Chicago, said he’s not sure if the idea is viable or not, but it’s worth investigating.

“I’m not smart enough to know that,” Martwick said. “These matters are far beyond my expertise.”

Martwick has proposed issuing $107 billion in bonds to help pay down the state’s $130 billion unfunded pension liability, which he said could save the state billions of dollars in the long run through investments.

Read more: http://rockrivertimes.com/2018/01/31/lawmakers-discuss-proposal-to-borrow-107b-to-pay-down-pension-debt/