Skip to main content
MENU
Subscribe
  • Sign Up Free
  • LOGIN
  • Subscribe
  • Topics
    • Alternatives
    • Consultants
    • Coronavirus
    • Courts
    • Defined Contribution
    • ESG
    • ETFs
    • Face to Face
    • Hedge Funds
    • Industry Voices
    • Investing
    • Money Management
    • Opinion
    • Partner Content
    • Pension Funds
    • Private Equity
    • Real Estate
    • Russia-Ukraine War
    • SECURE 2.0
    • Special Reports
    • White Papers
  • Rankings & Awards
    • 1,000 Largest Retirement Plans
    • Top-Performing Managers
    • Largest Money Managers
    • DC Money Managers
    • DC Record Keepers
    • Largest Hedge Fund Managers
    • World's Largest Retirement Funds
    • Best Places to Work in Money Management
    • Excellence & Innovation Awards
    • WPS Innovation Awards
    • Eddy Awards
  • ETFs
    • Latest ETF News
    • Fund Screener
    • Education Center
    • Equities
    • Fixed Income
    • Commodities
    • Actively Managed
    • Alternatives
    • ESG Rated
  • ESG
    • Latest ESG News
    • The Institutional Investor’s Guide to ESG Investing
    • ESG Sustainability - Gaining Momentum
    • ESG Investing | Industry Brief
    • Innovation in ESG Investing
    • 2023 ESG Investing Conference
    • ESG Rated ETFs
  • Defined Contribution
    • Latest DC News
    • DC Money Manager Rankings
    • DC Record Keeper Rankings
    • Innovations in DC
    • Trends in DC: Focus on Retirement Income
    • 2023 Defined Contribution East Conference
  • Searches & Hires
    • Latest Searches & Hires News
    • Searches & Hires Database
    • RFPs
  • Research Center
    • The P&I Research Center
    • Earnings Tracker
    • Endowment Returns Tracker
    • Corporate Pension Contribution Tracker
    • Pension Fund Returns Tracker
    • Pension Risk Transfer Database
  • Careers
  • Events
    • View All Conferences
    • View All Webinars
    • 2023 ESG Investing
    • 2023 Private Markets
Breadcrumb
  1. Home
  2. ASSET OWNERS
November 26, 2012 12:00 AM

Meet Illinois' $100 billion python: Squeezy

Illinois Governor Pat Quinn uses cartoon snake to help push pension reform

Kevin Olsen
  • Tweet
  • Share
  • Share
  • Email
  • More
    Reprints Print
    Targeting: Squeezy's YouTube video features an unnamed actor trying to garner support for pension reform.

    Illinois Gov. Pat Quinn is using a cartoon character to raise public awareness of the state's pension problem.

    Mr. Quinn last week introduced Squeezy the Pension Python, meant to highlight the “squeeze” pension payments are putting on other state services such as education, health care and public safety.

    For months, state legislators have failed to enact meaningful reform on a pension system that — with unfunded liabilities of nearly $100 billion — is the worst funded in the nation and was called “unfixable” by a group of Chicago business leaders.

    On Nov. 18, Mr. Quinn held a news conference to kick off a “Thanks in Advance” grass-roots campaign to engage state residents on the pension problem. “The issue of pension reform is the most urgent issue of our time, certainly of our decade,” Mr. Quinn said at the news conference.

    The animated Squeezy is featured in a nearly four-minute YouTube video to drum up social media support for an issue that has plagued the state for decades. The video is part of a new work-in-progress website, thisismyillinois.com, which provides additional information on Illinois' pension problem.

    “It's designed to be edgy and bring attention to the pension squeeze,” Brooke Anderson, spokeswoman for the governor, said of the video. “It's designed to provide information about how Illinois found itself in the pension squeeze and what's at stake.”

    State Rep. Darlene Senger, a member of the state House Personnel and Pensions Committee, said the grass-roots campaign will not accomplish anything in the next few days, and the governor did not do voters justice in his method of explaining the problem.

    The pension issue is “complicated the way it is and not something I find to be cartoonish,” said Ms. Senger. “It's a serious business ... and to make fun of it or dumb it down ... I don't think it's appropriate.”

    Anders Lindall, spokesman for AFSCME Council 31, Chicago, which represents state employees, said the new website is a “misleading distraction” to the pension problem.

    “In reality, politicians for decades diverted money owed to the retirement systems and used it to pay for other public services instead,” Mr. Lindall said in an e-mailed statement. “Rather than pretending that the pension debt is the cause when in fact it's a symptom of the state's unfair tax structure — and instead of comparing retirees to snakes — a worthwhile education effort would explain what's truly needed: A guarantee that politicians won't skip pension payments going forward, and adequate revenue to maintain vital services while the state pays the pension debt.”

    Mr. Quinn has been touting his pension reform proposal to no avail since April, but the video makes no mention of the specifics in his plan.

    A local actor runs through a brief history of pension funds before highlighting how the current problems are a result of the state making smaller payments than promised and the financial crisis decimating investment returns. Then the orange python takes over, squeezing images of the Illinois Capitol, a hospital and a police officer.

    The video was released less than a week after the Civic Committee of The Commercial Club of Chicago issued a statement that said the pension system is “unfixable” under current circumstances and called on Mr. Quinn to enact four pension reform measures, largely in line with the governor's April proposal.

    Mr. Quinn's proposal includes increasing by three percentage points the employee contribution, increasing the retirement age to 67 — to be phased in over several years — and shifting annual costs to local employers over 12 years or more. The civic committee agrees with the governor's proposal, but also proposed a benefit cap.

    The Pew Center on the States ranked Illinois dead last in unfunded pension liability as of June 30, 2010. That only got worse — growing to a combined deficit of $96 billion from $83 billion among the five state pension plans — after the Illinois Teachers' Retirement System, Springfield, lowered its assumed rate of return to 8% from 8.5% in September. The funds' combined funded status is 40%.

    Illinois Teachers spokesman Dave Urbanek said the pension fund “does not comment on the advocacy efforts of others, including state officials and legislators. Our role is to fairly and effectively administer the pension laws created by state officials and to ensure the fund's financial security.”

    Mr. Quinn's campaign is designed to have residents spread the word of the “pension squeeze” through channels such as Facebook, Twitter, e-mail and YouTube. The video had about 10,000 views as of Nov. 20.

    “What we're trying to do with our effort is empower (residents) to have their voices heard,” Ms. Anderson said. She said staff had been working on the video internally for some time at a nominal cost.

    Cartooning aside, Mr. Quinn and members of the General Assembly aim to have meaningful pension reform agreed upon during the Jan. 3-8 final lame-duck legislative session.

    Related Articles
    Illinois governor proposes raising employee pension contributions, retirement a…
    Report: Illinois pension plans on road to ruin
    Business group tells Illinois governor: Reform 'unfixable' state pension system
    Neighbors Wisconsin, Illinois at polar opposites on funding, says Morningstar
    Illinois legislators propose pension reform bill
    Recommended for You
    Stack_of_Money_i.jpg
    Wilshire TUCS plans post first positive return of year in Q4
    FTX_Screen_i.jpg
    FTX bankruptcy ensnares Kraft, Och and other family offices
    Innovations in DC: Moving Ahead on Retirement Outcomes
    Sponsored Content: Innovations in DC: Moving Ahead on Retirement Outcomes

    Reader Poll

    March 22, 2023
    SEE MORE POLLS >
    Sponsored
    White Papers
    The Need for Speed in Trend-Following Strategies
    Global Fixed Income: Volatility and Uncertainty Here to Stay
    Morningstar Indexes' Annual ESG Risk/Return Analysis
    2023 Outlook: The Top Five Trends to Monitor in the Year Ahead
    Show Me the Income: Discovering plan sponsor and participant preferences for cr…
    The Future of Infrastructure: Building a Better Tomorrow
    View More
    Sponsored Content
    Partner Content
    The Industrialization of ESG Investment
    For institutional investors, ETFs can make meeting liquidity needs easier
    Gold: the most effective commodity investment
    2021 Investment Outlook | Investing Beyond the Pandemic: A Reset for Portfolios
    Ten ways retirement plan professionals add value to plan sponsors
    Gold: an efficient hedge
    View More
    E-MAIL NEWSLETTERS

    Sign up and get the best of News delivered straight to your email inbox, free of charge. Choose your news – we will deliver.

    Subscribe Today
    December 12, 2022 page one

    Get access to the news, research and analysis of events affecting the retirement and institutional money management businesses from a worldwide network of reporters and editors.

    Subscribe
    Connect With Us
    • RSS
    • Twitter
    • Facebook
    • LinkedIn

    Our Mission

    To consistently deliver news, research and analysis to the executives who manage the flow of funds in the institutional investment market.

    About Us

    Main Office
    685 Third Avenue
    Tenth Floor
    New York, NY 10017-4036

    Chicago Office
    130 E. Randolph St.
    Suite 3200
    Chicago, IL 60601

    Contact Us

    Careers at Crain

    About Pensions & Investments

     

    Advertising
    • Media Kit
    • P&I Content Solutions
    • P&I Careers | Post a Job
    • Reprints & Permissions
    Resources
    • Subscribe
    • Newsletters
    • FAQ
    • P&I Research Center
    • Site map
    • Staff Directory
    Legal
    • Privacy Policy
    • Terms and Conditions
    • Privacy Request
    Pensions & Investments
    Copyright © 1996-2023. Crain Communications, Inc. All Rights Reserved.
    • Topics
      • Alternatives
      • Consultants
      • Coronavirus
      • Courts
      • Defined Contribution
      • ESG
      • ETFs
      • Face to Face
      • Hedge Funds
      • Industry Voices
      • Investing
      • Money Management
      • Opinion
      • Partner Content
      • Pension Funds
      • Private Equity
      • Real Estate
      • Russia-Ukraine War
      • SECURE 2.0
      • Special Reports
      • White Papers
    • Rankings & Awards
      • 1,000 Largest Retirement Plans
      • Top-Performing Managers
      • Largest Money Managers
      • DC Money Managers
      • DC Record Keepers
      • Largest Hedge Fund Managers
      • World's Largest Retirement Funds
      • Best Places to Work in Money Management
      • Excellence & Innovation Awards
      • WPS Innovation Awards
      • Eddy Awards
    • ETFs
      • Latest ETF News
      • Fund Screener
      • Education Center
      • Equities
      • Fixed Income
      • Commodities
      • Actively Managed
      • Alternatives
      • ESG Rated
    • ESG
      • Latest ESG News
      • The Institutional Investor’s Guide to ESG Investing
      • ESG Sustainability - Gaining Momentum
      • ESG Investing | Industry Brief
      • Innovation in ESG Investing
      • 2023 ESG Investing Conference
      • ESG Rated ETFs
    • Defined Contribution
      • Latest DC News
      • DC Money Manager Rankings
      • DC Record Keeper Rankings
      • Innovations in DC
      • Trends in DC: Focus on Retirement Income
      • 2023 Defined Contribution East Conference
    • Searches & Hires
      • Latest Searches & Hires News
      • Searches & Hires Database
      • RFPs
    • Research Center
      • The P&I Research Center
      • Earnings Tracker
      • Endowment Returns Tracker
      • Corporate Pension Contribution Tracker
      • Pension Fund Returns Tracker
      • Pension Risk Transfer Database
    • Careers
    • Events
      • View All Conferences
      • View All Webinars
      • 2023 ESG Investing
      • 2023 Private Markets