Pensions

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Chicago pension funds still among nation’s worst funded

By Seton O'Scannlain

08/16/2022

Over-promised benefits continue to sink Chicago’s finances as the recent bear market eats into 2021 stock market gains. Investments gaining 25% last year plus federal aid didn’t offer much help to city pension systems, which have more debt than 45 states.

TAGS: Chicago, pensions

Lightfoot’s $42.7M property tax hike goes just to pensions

By Dylan Sharkey

08/12/2022

Chicago property tax bills are on the rise again, thanks to the city’s massive pension debt. Mayor Lori Lightfoot compared the latest property tax hike to additional toppings at lunch.

TAGS: Lori Lightfoot, pensions, property taxes

How to get more than your fair share from an Illinois pension

By Justin Carlson

08/05/2022

Illinois offers generous pensions to public workers, but some workers engage in legal schemes that give them more than their fair share. Here are some common Illinois pension games that taxpayers are forced to fund.

TAGS: corruption, pension reform, pensions

10 Illinois pension abuses show why taxpayers deserve reform

By Justin Carlson

08/04/2022

Illinois’ broken pension system has allowed loopholes and schemes that cheat other pensioners and drive up taxpayers’ burdens. Here are 10 examples.

TAGS: constitutional amendment, Mike Madigan, pension reform, pensions

Report: Illinois likely to see high public pension debt go higher

By Dylan Sharkey

07/20/2022

Forecasts predict Illinois public pension debt will grow despite the funds having one of their best investment years ever in 2021.

TAGS: debt, Illinois, pensions

Taxpayers funded 84% of public employee pensions in 2020

By Patrick Andriesen

07/02/2022

Taxpayer contributions accounted for 56% of the money that flowed into Illinois’ pension funds in 2000. Two decades later, residents funded 84% of public employees’ retirements, yet pension debt is still growing.

TAGS: constitutional amendment, municipal pensions, pension reform, pensions, Springfield

Taxpayer pension costs exceeded Illinois projections by $13.7 billion since 2013

By Justin Carlson

06/17/2022

Unrealistic assumptions and missed investment returns have meant Illinois taxpayers paid $13.7 billion more for public pensions than state leaders projected five years earlier. Unless the estimates improve, taxpayers will pay an extra $21.3 billion during the next decade.

TAGS: debt, JB Pritzker, pension reform, pensions

Poll: bipartisan supermajorities of Illinois voters support constitutional pension reform

By Patrick Andriesen

06/09/2022

Polling showed 61% of Illinois voters would approve an amendment to the state constitution changing future pension benefits while guaranteeing those already earned by public employees. Taxes remain Illinoisans’ top concern.

TAGS: constitutional amendment, Illinois Constitution, pension reform, pensions

Pritzker: No ‘silver bullet’ for pension crisis

By Dylan Sharkey

06/08/2022

Gov. J.B Pritzker touted his record on pensions, claiming his administration reduced pension debt. He cites an analysis of state pension data but fails to mention its conclusion suggesting reform.

TAGS: JB Pritzker, pensions

Disgraced Illinois lawmaker collected $130K pension while awaiting prison sentence

By Patrick Andriesen

06/02/2022

The former Illinois House assistant majority leader received a taxpayer-funded pension worth $129,000 between his retirement in 2019 after being arrested for bribery by federal authorities and his conviction in 2022.

TAGS: corruption, Luis Arroyo, 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

Jerome Cooper

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