Pensions

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

Oak Lawn credit rating hits junk status amid skyrocketing pension costs

By Brad Weisenstein

01/07/2020

Massive increases in public safety pension contributions have failed to keep Oak Lawn’s credit from being downgraded to junk status. The Chicago suburb’s leaders are fighting cuts and tax increases, which are inevitable without pension reform in Springfield.

TAGS: credit rating, firefighter pensions, IDOI: Illinois Department of Insurance, Moody's Investor Service, municipal pensions, Oak Lawn, police pensions, public safety

Pritzker signs pension sweetener bill without knowing the cost

By Adam Schuster

12/20/2019

Illinois’ pension crisis is the nation’s worst. Maybe that’s because elected officials take a problem they aren’t sure exists, apply a solution they don’t know will work and never determine the cost.

TAGS: bipartisan, consolidation, constitutional amendment, ILGA: Illinois General Assembly, Illinois, Illinois Constitution, JB Pritzker, lawmakers, safe harbor, Springfield

Absent pension crisis, Illinois could afford ‘free’ college

By Adam Schuster

12/10/2019

Illinois could give every undergraduate in public college nearly $70k a year if it spent the same 4% of its budget on pensions as it did throughout the 90s, rather than the 25% it spends today.

TAGS: DCFS: Department of Children and Family Services, general revenue fund, ILGA: Illinois General Assembly, Illinois, illinois state police, Springfield, tax burden

Illinois lawmakers pass pension sweeteners without knowing the cost

By Adam Schuster

11/20/2019

Illinois has nation’s worst pension debt. Maybe that’s because state lawmakers take a problem they aren’t sure exists, apply a solution they don’t know will work and never determine the cost.

TAGS: Civic Federation, firefighter pensions, IRS: Internal Revenue Service, Jason Barickman, municipal pensions, pensions, police pensions, public safety, safe harbor, Social Security

Illinois pension costs skyrocketed by 500%, crowding out government services

By Adam Schuster

11/19/2019

The rapidly increasing cost of pensions is crowding out core government services.

TAGS: municipal pensions, pension guarantee, pensions

Illinois public services being cut to pay unsustainable pension cost

Public pensions are already eating away Illinois government services, increasing by more than 500% during the past 20 years as spending on core services including child protection, state police and college money for poor students has dropped by nearly one-third since 2000. At the same time the clock is running out on the state’s public...

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Pensions

Illinois public services being cut to pay unsustainable pension cost

Ifeoma Nkemdi

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