Pensions

Budget + Tax Criminal Justice Good Government Jobs + Growth Labor Pensions

Pensions in Quincy cost 126% of municipal property taxes

By Adam Schuster, Justin Carlson

09/24/2021

Quincy property taxes do not generate enough to fund the municipal pension costs. Even with that heavy burden, there is so much state and local pension debt that the average Quincy household owns more than $35,600.

TAGS: pensions, property taxes, Quincy

Nearly 40 cents of every education dollar in Illinois goes to pensions

By Adam Schuster

09/22/2021

Rapidly rising pension costs compete with classroom spending, reducing resources for teachers and students while driving up property taxes.

TAGS: education spending, K-12, pensions

Over 90% of Rock Island municipal property taxes taken by public pensions

By Adam Schuster, Robert Brutvan, Perry Zhao

09/22/2021

Despite so much of the property tax share going to public pensions, there is still a huge unmet pension debt. The average Rock Island household owes nearly $40,000 to state and local pensions.

TAGS: pensions, property taxes, Rock Island

Over 100% of Danville municipal property taxes consumed by pensions

By Adam Schuster, Perry Zhao

09/20/2021

The average Danville household owns nearly $40,000 in state and local pension debt.

TAGS: Danville, pensions, property taxes

Rockford sees public pensions eat nearly 40% of municipal property taxes

By Adam Schuster

09/16/2021

Public pensions are growing and taking a greater share of property taxes, hurting public services. Still, the average Rockford household owes over $35,000 in state and local pension debt.

TAGS: pensions, property taxes, Rockford

Nearly two-thirds of Peoria property taxes consumed by pensions

By Adam Schuster

09/15/2021

The average Peoria household owns nearly $38,000 in state and local pension debt.

TAGS: pensions, Peoria, property taxes

Chicago Park District ‘reform’ bill puts pension costs on taxpayers

By Aneesh Bafna

09/10/2021

House Bill 417 falls far short of the structural reforms Illinois pension systems require. A constitutional amendment is needed after courts blocked a real reform effort in 2018.

TAGS: Chicago Park District, pensions

5 things wrong with Illinois holding 30% of U.S. pension bond debt

By Adam Schuster, Aneesh Bafna

09/10/2021

Pension obligation bonds, like payday loans, are a sign of mismanaged finances. Illinois not only leads the nation for using that risky debt, it owes the bulk of it.

TAGS: credit rating, debt, Illinois, pension obligation bonds

Pritzker seeks credit upgrades despite growing pension debt, budget deficits

By Adam Schuster

08/17/2021

Pension debt is a record $144.2 billion while Illinois’ short-term debt is on track to reach $22 billion in three years, exceeding the record $16.7 billion hit during the budget impasse.

TAGS: credit rating, debt, JB Pritzker, pensions

S&P: Growing debt, refusing reforms, population loss doom Illinois public pensions

By Noah Shaar

08/11/2021

S&P Global Ratings said Illinois’ public pension systems are in trouble, and will get worse thanks to the Illinois Exodus and because state leaders refuse to fix the problems.

TAGS: debt, Illinois, outmigration, pensions, population

Pension apocalypse? COVID-19 exposes long-running fragility of Illinois public pensions

Illinois’ pension crisis has been a growing problem for decades, and its negative effects on state residents are well documented.1 Economic fallout from the COVID-19 pandemic and related government shutdown orders threaten to bring that long-running crisis closer to its breaking point. The state’s five pension systems collectively held nearly $139 billion of debt at...

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Pensions

Pension apocalypse? COVID-19 exposes long-running fragility of Illinois public pensions

Haywood Talcove

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