Pensions

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

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

Illinois families spend 3rd-highest in nation on government pensions

By Patrick Andriesen

01/09/2023

The typical career state pensioner earns more in retirement than Illinoisans do working. Households now pay over three times more than they did nearly two decades ago to cover the costs.

TAGS: government unions, Illinois, pensions

Illinois public pension debt grows to $140B

By Bryce Hill

12/14/2022

Illinois’ five statewide pensions system saw their debt increase by nearly $10 billion to a grand total of $140 billion in fiscal year 2022. Pensions will cost the state nearly $11 billion next year, but that’s still $4.4 billion too little.

TAGS: Illinois, pensions

Biden promises nearly $36 billion for national pension bailouts

By Patrick Andriesen

12/12/2022

The Biden administration promised nearly $36 billion to stabilize pension plans for Teamsters nationwide after forecasts predicted the system’s default by 2026. Union members would have seen their retirement benefits slashed by 60% if the system defaulted.

TAGS: Joe Biden, pensions

Chicago transit employee tried to steal $357K from pension fund

By Patrick Andriesen

12/08/2022

A former CTA clerk was indicted on five counts of wire fraud for allegedly creating and approving 43 fraudulent benefit requests.

TAGS: CTA: Chicago Transit Authority, pensions

Illinois pension costs impair spending on roads, public services

By Patrick Andriesen

11/23/2022

Illinois taxpayers spent $3.3 billion more on public pensions between 2017 and 2022 than state forecasts said they would. Had that money not evaporated, it could have paid to repave 150,000 miles of roads or for nearly 25,000 full-ride scholarships.

TAGS: government spending, pensions

Experts: Expect future Chicago property tax hikes without pension reform

By Patrick Andriesen

10/06/2022

Chicago Mayor Lori Lightfoot earmarked $442 million to help pay down Chicago’s $46.9 billion pension debt. The Civic Federation said stop-gap measures will only delay future property tax hikes unless there’s statewide pension reform.

TAGS: Chicago, property taxes

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

John Jacob

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