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Ray Ackerman - Pension Crisis in Illinois
Ray Ackerman, the former legislative chairman for the Retired State Employees Association (RESA) discusses his involvement with Illinois's public employee pension legislation from 1984 through 1995. He elaborates on the 1989 legislation that set up a three percent cost of living increase every year, and Governor Jim Edgar's initiative in 1995 to set up a pension ramp to address the growing shortfall of funds in the five state pension systems. Ackerman also reflects on the attempts to fix the pension system in the 2010s.