Pensions

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

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

Chicago taxpayer contributions to pensions could spike due to recession

By Patrick Andriesen

10/05/2022

A new financial report predicts residents in the nation’s largest cities will pay more for pensions next year as inflation and recessionary fears “erase” 2021 gains. Chicago topped the big cities for pension debt.

TAGS: Chicago, pensions

TRS among worst performing public pension funds

By Dylan Sharkey

08/26/2022

Pension expert Richard Ennis analyzed public pension performance of 24 funds, finding the Teachers’ Retirement System of Illinois among the worst after underperforming for 10 years.

TAGS: Amendment 1, pensions, TRS: Teachers’ Retirement System

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

Cathy Stuehmeier

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