Pensions

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

Hidden pension ‘tax’ costs each Illinoisan more than $1,400 per year

By Orphe Divounguy, Bryce Hill

03/02/2021

Illinoisans pay a hidden pension tax. Eliminating that cost would free up resources to help Illinois recover from the COVID-19 recession while also raising the state’s long-term economic potential.

TAGS: pensions, public sector, taxes

Madigan will retire with $2.9 million public pension after contributing just $350,000

By Adam Schuster

02/19/2021

Because of a pension sweetener for politicians that Madigan helped create, the former speaker’s pension will spike more than $66,000 the year after his first full year of retirement, then grow 3% each year thereafter.

TAGS: Mike Madigan, pensions

Pritzker to decide COLA increase for Chicago firefighter pensions, with $850M price tag

By Adam Schuster

01/15/2021

Over the objections of Chicago Mayor Lori Lightfoot, who called the legislation “irresponsible,” state lawmakers passed a bill to increase the cost-of-living adjustment for 2,200 Chicago firefighter pensions to 3% from 1.5%. Gov. J.B. Pritzker should veto it.

TAGS: Chicago, debt, firefighter pensions, JB Pritzker

Pritzker calls for $700M in service cuts, silent on pension reform

By Brad Weisenstein

12/17/2020

Illinois’ current budget started out at a deficit, hoped for a tax increase that was rejected and counted on a federal bail-out that never came. Gov. J.B. Pritzker’s best fix is pension reform.

TAGS: budget, COVID-19, deficit, JB Pritzker, pensions

Pensions set to consume 29% of Illinois’ budget amid $7 billion debt increase

By Adam Schuster

12/17/2020

New official reporting from the state of Illinois shows both rising debt and rising costs in state retirement systems, with essential government services again facing cuts.

TAGS: COGFA: Commission on Government Forecasting and Accountability, debt, Illinois, Moody's Investor Service, pensions

Peoria pensions causing police, fire layoffs as property tax hike sought

By Joe Barnas

12/15/2020

Emergency services have been cut in Peoria because public pension costs are growing. Voters will be asked whether a property tax hike should fix the problem.

TAGS: firefighter pensions, Peoria, police pensions, property tax

Star of misleading ‘fair tax’ ad set to draw $1.1M in pension payments for 1 year of state work

By Brad Weisenstein

10/19/2020

‘Fair tax’ backers funded by Gov. J.B. Pritzker created the illusion of bipartisanship by using a former public employee union staffer who collects a generous taxpayer-funded pension due to a loophole in state law.

TAGS: AFSCME: American Federation of State County and Municipal Employees, pensions, progressive tax, Vote Yes for Fairness

62 former state lawmakers receiving more than $100K pensions

By Ben Szalinski

06/05/2020

Illinois’ broken pension system puts $100,000 a year or more into the hands of 62 former state lawmakers. It has paid more than $1 million to 94 of them.

TAGS: Arthur L. Berman, Barbara Flynn Currie, GARS: General Assembly Retirement System, Jim Edgar, lawmaker pay, Lou Lang, Pat Quinn, pensions

Pension reform is more popular than Pritzker, and other Illinois polling data that may surprise you

By Austin Berg

03/12/2020

Three points stick out in recently released numbers: First, J.B. Pritzker is not a popular governor. Second, pollsters need to get real about the “fair tax” fantasy. And third, pension reform draws a diverse base of support, except at the Statehouse

TAGS: fair tax, JB Pritzker, Paul Simon Public Policy Institute, pensions, progressive income tax

Poll shows diverse support for Illinois pension reform

By Ben Szalinski

03/11/2020

Illinois Democrats, union members, government or nonprofit workers, and people of all income groups support a pension amendment that allows for changes in cost-of-living raises and other future benefits.

TAGS: constitutional amendment, Illinois Constitution, Paul Simon Public Policy Institute, pensions

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

Sheldrick Holmes: Grail Café

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