Pensions

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Pensions put Illinois’ 2024 budget in red by over $4B

By Bryce Hill

05/27/2023

Illinois state lawmakers shorted pensions by $4.1 billion and killed scholarships for low-income students, but gave themselves pay raises and a new office building. Their budget leaves no room for error as revenue projections drop.

TAGS: AFSCME: American Federation of State County and Municipal Employees, budget, pensions

Lawmakers plan to short pensions by $4.4 billion in 2024 budget

By Justin Carlson

05/18/2023

No matter what rhetoric about passing a balanced budget comes out of Springfield, the state budget will automatically be unbalanced because of inadequate pension contributions.

‘ComEd Four’ defendant convicted in bribery scheme could keep pension

By Patrick Andriesen

05/05/2023

Officials at the General Assembly Retirement System suspended Michael McClain’s legislative pension after he was convicted on nine counts of bribery in the ‘ComEd Four’ trial. Precedent suggests it may not be permanent.

TAGS: ComEd, Mike Madigan

Cook County pension ‘fix’ could cost Illinois billions, fail to fund retirements

By Justin Carlson

05/02/2023

The proposal by state Sen. Robert Martwick is intended to fix a technical problem with the Tier 2 pension system, but Martwick said he doesn’t know how much it could cost taxpayers. He said it could be “billions.”

Poll: Most Illinoisans support constitutional pension reform

By Dylan Sharkey

04/25/2023

Fifty-six percent of Illinoisans support amending the Illinois Constitution to reform the state’s public pension systems. Illinois has the nation’s least-funded pension plans.

Chicago has more pension debt than 44 states

By Justin Carlson

03/28/2023

Despite claims of Chicago’s improving financial condition, the $48 billion in pension debt for the city’s core retirement systems continues to loom over its fiscal future.

Loophole will let Brandon Johnson collect public pension now worth $1.1M

By Bryce Hill

03/23/2023

Mayoral candidate and Chicago Teachers Union organizer Brandon Johnson is eligible to collect an estimated $1.1 million pension through the Chicago Teachers’ Pension Fund despite only teaching for four years. His future path could yield a public pension worth over $2.8 million.

TAGS: Brandon Johnson, CTU: Chicago Teachers Union

Why ‘temporary’ income tax hike, retirement tax won’t fix Illinois pensions

By Justin Carlson

02/24/2023

A Chicago civic group suggests either increasing the state’s personal and corporate income taxes for 10 years or implementing a retirement tax to help pay for the state’s worst-in-the-nation pension debt. Here are the problems with that plan.

State retirees get nearly 40% more than what working Illinoisans earn

By Patrick Andriesen

02/01/2023

The typical career state worker collected $82,478 in annual pension benefits, recouping more income in 17 months of retirement than they contributed over 35 years. Working Illinoisans only earned $59,650 a year.

TAGS: Illinois, pensions

Lightfoot 2nd Chicago mayor to call on Springfield for pension reform

By Patrick Andriesen

01/31/2023

Just like Chicago Mayor Rahm Emanuel did late in his term, Mayor Lori Lightfoot is calling for public pension reforms. Pensions are damaging cities, she said.

TAGS: Chicago, pensions

Fixing Illinois pension crisis by amending nation’s most-restrictive pension law is legal, effective

Illinois is home to one of the worst pension crises in the country.1 At 39% funded, according to the nonpartisan Pew Charitable Trusts, Illinois has the worst pension funding ratio of any state.2 By contrast, neighboring Wisconsin’s pension system is 103% funded.3 In fiscal year 2022, Illinois’ total general funds pension costs, including pension bond...

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Pensions

Fixing Illinois pension crisis by amending nation’s most-restrictive pension law is legal, effective

Larry Roberts

CBS Chicago: Illinois’ highest-paid superintendent receives $400K per year to oversee 1,200 students