Dropping out of pensions
Dropping out of pensions
State law doesnt allow for the lawmaker, who entered the upper chamber in 2008, to drop out of the system.
Illinois needs a strict spending limit
Illinois needs a strict spending limit
Illinois has a spending problem. Spending per capita has grown nearly three times faster than it would have under a responsible spending limit one tied to the growth of inflation and population.
Liberate workers from politician-controlled pensions
Liberate workers from politician-controlled pensions
In the aftermath of this months scramble to pass something anything that politicians could call pension reform, heres the most important reason why taxpayers should be grateful the Nekritz-Biss plan was shelved: the funding guarantee.
Institute on ABC 20: Auditor position vacant at 3 out of 5 state pension funds
Institute on ABC 20: Auditor position vacant at 3 out of 5 state pension funds
Illinois Policy Institute Executive Vice President, Kristina Rasmussen, appeared on ABC 20 to discuss the Auditor General’s report, which found that Illinois’ unfunded pension liability grew nearly $12 billion in fiscal year 2012. The unfunded liability in the state’s retirement systems has ballooned by nearly $12 billion in the last budget year. That’s according to...
Taxpayers feel the pinch, as Illinois spends
Taxpayers feel the pinch, as Illinois spends
Is your wallet a little thinner these days?
Squeezy cost $23; pension inaction costs $21 million per day
Squeezy cost $23; pension inaction costs $21 million per day
An open records request to the governor's office revealed the only new cost for the entire website was a $23 purchase to reserve domain names at GoDaddy.com.
Illinois’ balanced budget rule not worth the paper its written on
Illinois’ balanced budget rule not worth the paper its written on
Gov. Pat Quinns Office of Management and Budget recently released its three-year budget projections for Illinois General Fund. According to the report, Illinois will end fiscal year 2013 with a $242 million budget surplus.
When it comes to pensions, Illinois faces lack of leadership
When it comes to pensions, Illinois faces lack of leadership
We keep looking for leadership and we keep ending up with politics.
2013 budget projections show Quinns true colors
2013 budget projections show Quinns true colors
How confident do you feel that Illinois will be able to pay its bills in 2013 and beyond?
Businesses could face higher rates with progressive tax
Businesses could face higher rates with progressive tax
Learn more about the disadvantages of a progressive income tax.
State employee pension fund sees dismal 2012 returns
State employee pension fund sees dismal 2012 returns
Although the pension fund for state employees predicted it would earn $850 million in fiscal year 2012, it actually earned less than $6 million. The fund posted an investment return of just 0.05 percent, far below the 7.75 percent it expected.
Two-year anniversary of 2011 tax hike nothing to celebrate
Two-year anniversary of 2011 tax hike nothing to celebrate
Two years ago, the average family started forking over an additional $1,500 from their annual pay due to higher taxes.
Fitch warnings don’t mean kick the can down the road
Fitch warnings don’t mean kick the can down the road
Illinois credit rating received a warning today from Fitch Ratings. What Fitch cited as the ongoing inability of the state to address its large and growing unfunded pension liability means a rating downgrade is likely unless reforms are passed within s
Nekritz-Biss pension funding guarantee would make pensions a priority over education, health care, public safety
Nekritz-Biss pension funding guarantee would make pensions a priority over education, health care, public safety
For years annual pension costs have been crowding out spending on education, health care and public safety. Now, Illinois legislators are looking to lock that in.