Voters in Homer Township will have the chance to weigh in on public pension reform, federal and state redistricting and unfunded state mandates. Illinois state lawmakers have yet to act on the trio of issues.
Chicago Mayor Brandon Johnson’s pensions are worth an estimated $3.8 million after only four years as a teacher and one term as mayor. It could go even higher, depending on his next job moves.
Elk Grove Village Mayor Craig Johnson said state lawmakers need to step in and help fix public pensions. Pension debt is the biggest driver of Illinois’ property taxes, which are the second-highest in the nation.
Illinois is at risk of getting in costly trouble with the federal government over its Tier 2 public employee retirement benefits. Here’s a solution that doesn’t make the state’s monstrous public pension debt even worse.
Barrington Township became the first local government in Illinois to back changing the Illinois Constitution so public pensions can be brought under control. While essentially an opinion poll, the overwhelming approval shows elected leaders must address this issue.
Chicago’s pension systems for city workers have $51 billion in debt, so much that they are in worse shape than 43 states. Fixing them requires Chicago’s mayor to push for a change in the Illinois Constitution.
Barrington Township will be the first local government in Illinois to give taxpayers a vote on reforming the single-largest property tax driver in the state: public pensions. The advisory referendum will be on the ballot Nov. 5.
Several bills that enhance Tier 2 state worker pension benefits, reduce retirement ages, allow for large end-of-career lump-sum payments and other pension sweeteners are moving through the Illinois General Assembly. They appear to be heading for a vote.
Despite taking up 20% of the state’s general funds and $11.6 billion in total, experts said lawmakers still underpaid the five statewide government retirement plans.
A commission reported $1.4 billion is needed from taxpayers as soon as 2035 to fix the state funding drop at Illinois public universities. Instead, they should be pushing for pension reform.
Every Illinois public university received about one-third less operational funding from the state in fiscal year 2024 than 15 years ago. University of Illinois spending per student dropped by nearly half.
The bill introduced by state Rep. Tim Ozinga would redirect savings from shrinking pension payments to support local school districts and reduce Illinois’ second-in-the -nation property taxes. Some districts could see their tax bills cut in half.