Pensions

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

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

New Mexico passes bipartisan pension reform

By Adam Schuster

03/10/2020

As Illinois elected leaders continue to delay action on pension reform, a broad and bipartisan coalition has succeeded in pushing for reforms to public employee benefits in New Mexico.

TAGS: COLA: cost of living adjustment, constitutional amendment, government unions, Illinois Supreme Court, JB Pritzker, New Mexico, pensions

Former Hinsdale superintendent collecting $315k pension

By Ben Szalinski

03/06/2020

The former leader of a wealthy school district is receiving a massive pension boosted by a pair of 20% raises given during her final two years. Illinois needs pension reform.

TAGS: Clarendon Hills, Community Consolidated School District 181, Hinsdale, IEA-NEA: Illinois Education Association, Mary Curley, pension spiking, pensions, property taxes, TRS: Teachers’ Retirement System

Illinois’ pension costs, debt are growing far faster than state predicted

By Bill Reveille

02/27/2020

The pension crisis is worse than the state admits, and the state’s official projections cannot be trusted.

TAGS: Edgar Ramp, Illinois Constitution, JB Pritzker, pensions, progressive income tax

Fired Chicago Police superintendent receiving nearly $200K pension

By Ben Szalinski

02/26/2020

Eddie Johnson was fired before his scheduled retirement after he was found asleep behind the wheel. He blamed medication. Video showed him drinking.

TAGS: Chicago, CPD: Chicago Police Department, Eddie Johnson, Laquan McDonald, Lori Lightfoot, police pensions, public safety

Pritzker’s accounting gimmicks can’t fix pension crisis, but real reform can

By Adam Schuster

02/21/2020

Illinois Gov. J.B. Pritzker previously floated a pension plan that included pawning-off state assets, taking on more high-interest debt and reducing pension funding before walking back the plan amid criticism. Here’s a real solution.

TAGS: bonds, budget, COLA: cost of living adjustment, credit rating, fair tax, Illinois Constitution, Illinois Department of Revenue, JB Pritzker, Moody's Investor Service, pensions, progressive income tax, Standard & Poor's

The 1%: Illinois’ pension millionaires

By Austin Berg

01/23/2020

More than 129,000 Illinois public pensioners will see expected payouts of $1 million or more during retirement.

TAGS: 401(k), government unions, ILGA: Illinois General Assembly, Illinois, JRS: Judges’ Retirement System, pension guarantee, pensions, private sector, public sector, SERS: State Employee Retirement System, Social Security, Springfield, SURS: State Universities Retirement System, TRS: Teachers’ Retirement System

Illinois pensions 101: Paltry contributions yield million-dollar payouts

By Adam Schuster

01/17/2020

Across all five state retirement systems, typical career workers pay for about 5% of the cost of their pension benefits. They receive an average of $1.7 million to $3.6 million.

TAGS: Edgar Ramp, firefighter pensions, GARS: General Assembly Retirement System, government employees, government services, government unions, government workers, IEA-NEA: Illinois Education Association, IFT: Illinois Federation of Teachers, ILGA: Illinois General Assembly, Illinois, Illinois Constitution, Jim Edgar, JRS: Judges’ Retirement System, municipal government, municipal pensions, pension guarantee, pensions, police pensions, public sector, retirement age, Rod Blagojevich, SERS: State Employee Retirement System, Social Security, social services, Springfield, SURS: State Universities Retirement System, tax hikes, tax increase, TRS: Teachers’ Retirement System

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

Joanne Troesch

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