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 years ago, the average family started forking over an additional $1,500 from their annual pay due to higher taxes.
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
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.
Major problems: Creates a super-legislature by delegating lawmaking to an un-elected Commission. Creates a pathway for Commission-directed tax hikes without a vote of the legislature. If either the House Speaker or the Senate President does not call a disapproval vote, the bill becomes law. The chamber heads are required to certify it unless a joint...
Illinois Policy Institute CEO John Tillman joined Carol Marin and a panel of experts on WTTW's Chicago Tonight to discuss pension reform in Illinois.
Riley & Scot talk with Illinois Policy Institute CEO, John Tillman, on IL taxpayers feeling the impact of Democrats' 67% income tax hike and the progress on pension reform talks.
A major component of the Nekritz-Biss pension proposal is a funding guarantee for pension payments. The proposal says:
Institute CEO John Tillman discusses pension reform
Institute Vice President of Policy Ted Dabrowski and Tribune reporter Ray Long joined Politics Tonight on Jan. 2 to discuss pension reform in Illinois.
Paul Kersey Director of Labor Reform A state with $9 billion in unpaid bills and at least $96 billion in unfunded pension obligations cannot afford to overpay for anything, even wages for child protection workers. So while some lawmakers may want to grant the Department of Children and Family Services, or DCFS, with a supplemental...
Billboard on I-55 urges state lawmakers on their drive to Springfield: "Read my lipstick: No new taxes"
Illinois' five public pension systems are broke. The systems are expected to pay out more than $600 billion between now and 2045, but have just $62 billion in the bank.
After four years in office, you have yet to provide a detailed proposal for how to reform the pension system. Oh, sure, there have been press releases and bullet-point presentations but nothing detailed enough to present to the Legislature as your solutio