Gov Quinn pitches for pension reform & doing business with India

CHICAGO: Illinois Governor Pat Quinn minced no words emphasizing the dire need to tackle the $96 billion unfunded pension problem facing the State while addressing an elite gathering here recently.
Failure to resolve the worst-in-the-nation pension problem, he said, would derail many a project in the areas of health, higher education, and safety, and would adversely impact the economic development of the State.
The event was an informal in-house social meet of Chicagoland elite hosted by Indian businessman and CEO of Globetrotter Engineering Corporation, Niranjan Shah, at his Oak Brook residence. It was a private event but was attended by prominent businessmen and elected officials. Governor Quinn touted great contributions that Indian entrepreneurs and professionals like Niranjan Shah have made to the State and the society in general.
Quinn talked about expanding trade relations with India and said that the country could be an important trade partner with Illinois. He hinted in a talk with this correspondent that he would consider making a trip to India in near future for promoting bilateral trade. He showed deep interest in strengthening business ties between India and Illinois. At present, there are many Illinois companies such as JPM, Northern Trust Bank, Motorola, etc. that have excellent ties and presence in India.
In a talk to this paper, Governor further said that the pension problem is “one of the most difficult problems that Illinois government has faced for more than three decades.” In order to solve it, he believes that State workers should contribute 3 percent more to their retirement plans and not retire until they turn 67.
The plan that would be phased in over the coming years, the Governor claims, would save the state between $65 billion and $85 billion by 2045.
The legislative inaction is the root cause for the state’s burgeoning pension debt, which he said is costing taxpayers $17 million a day. He urged legislators to vote on a comprehensive reform bill, which he said he would sign into law immediately. “The problem gets worse everyday and its adverse impact to help fund a number of social and developmental projects can best be imagined,” he said.
Specifically, he touched upon the proposed $100 million state of the art expansion project for University of Illinois at Chicago and observed that it would make the University among the best in world for its educational facility.
Niranjan Shah observed that University of Illinois has enjoyed reputation as a premier education facility in West and was deemed providing high level of education in a good number of areas.
He pointed out that Noble Laureate Rabindranath Tagore encouraged his son to go to the University of Illinois for higher education in agriculture, bypassing schools such as Cambridge and Oxford.
Previously it had been fashionable for prominent Indians to study at prestigious schools in England rather than in the U.S.
Tagore understood the potential of University of Illinois’ contribution, not only for his son but also for India in general. University of Illinois’ School of Agriculture gave a boost to India’s Green Revolution and helped the country achieve self-sufficiency in food. Tagore was able to see that much ahead of time.
“This tradition continues even today and it speaks volumes of the education standard at University of Illinois,” he added. Shah was a former top official of University of Illinois and has a first hand feel of the functioning and reputation of the institution.
Quinn said that the pension’s imbroglio could hurt State’s efforts in boosting public health and safety. However, he touted his government accepting Obama care program for ensuring health insurance to uninsured in the state.
The Affordable Care Act in Illinois will provide quality, affordable health-care for hundreds of thousands and create thousands of good jobs in the health-care field, he said.
Enrollment will open Oct. 1 and provide those without coverage access to plans from most of the state’s major health insurance carriers. Those with incomes between 133 and 400 percent of the federal poverty level – $15,282 to $45,960 per individual – will qualify for government-subsidized coverage. By 2014, more than a million Illinois residents who are currently uninsured will receive health care coverage.
Touching on the sensitive subject of gun violence, Governor Quinn said that he was pushing for an assault weapons ban in the state. His attempt last year to ban them failed, but the matter has recently seen some movement in Springfield with House lawmakers voting in favor of bans on semi-automatic assault weapons and large-capacity ammunition magazines. However, the issue still faces several legislative hurdles.
“The prevention of violence is an urgent priority we all share. Our anti-violence strategy includes early childhood education, after-school programs, intervention initiatives, mentorship, mental health care, jobs, and support for our law enforcement,” he said.
The State Police are part of the battle against violence and he has proposed three new cadet classes for the Illinois State Police besides expanding ReDeploy, a program to reduce crime by repeat offenders.
On the expansion of gaming in the State for cutting down budget deficit, he sounded less optimistic that the move could significantly help reducing the gap. Besides, he was keen that ethical issues need to be addressed properly.
“I made it clear while vetoing the Senate Bill last summer that I will not approve of any gaming expansion without strong ethical standards, comprehensive oversight and dedicated resources for education,” he said
Quinn also suggested that any bill seeking gaming expansion need to take into account the ban on campaign contributions by casino managers which is “essential to keeping corruption out of the gaming industry.”

Ramesh Soparawala
India Post News Service