Chicago has more public pension debt than 43 states
Chicago has more public pension debt than 43 states
Chicago’s pension systems for city workers have $51 billion in debt, so much that they are in worse shape than 43 states. Fixing them requires Chicago’s mayor to push for a change in the Illinois Constitution.
By Ravi Mishra
Pension reform vote coming to suburban Chicago township
Pension reform vote coming to suburban Chicago township
Barrington Township will be the first local government in Illinois to give taxpayers a vote on reforming the single-largest property tax driver in the state: public pensions. The advisory referendum will be on the ballot Nov. 5.
By Patrick Andriesen
Illinois may take on massive public pension boost with no clue on costs
Illinois may take on massive public pension boost with no clue on costs
Several bills that enhance Tier 2 state worker pension benefits, reduce retirement ages, allow for large end-of-career lump-sum payments and other pension sweeteners are moving through the Illinois General Assembly. They appear to be heading for a vote.
By Bryce Hill
Pensions eat up $11.6B of Illinois’ budget
Pensions eat up $11.6B of Illinois’ budget
Despite taking up 20% of the state’s general funds and $11.6 billion in total, experts said lawmakers still underpaid the five statewide government retirement plans.
By Bryce Hill, Dylan Sharkey
Report: $1.4B more needed from taxpayers for Illinois universities
Report: $1.4B more needed from taxpayers for Illinois universities
A commission reported $1.4 billion is needed from taxpayers as soon as 2035 to fix the state funding drop at Illinois public universities. Instead, they should be pushing for pension reform.
By Patrick Andriesen
Nearly all Illinois public universities report higher costs, less money to operate
Nearly all Illinois public universities report higher costs, less money to operate
Every Illinois public university received about one-third less operational funding from the state in fiscal year 2024 than 15 years ago. University of Illinois spending per student dropped by nearly half.
By Patrick Andriesen
New bill promises up to 50% property tax relief for Illinoisans
New bill promises up to 50% property tax relief for Illinoisans
The bill introduced by state Rep. Tim Ozinga would redirect savings from shrinking pension payments to support local school districts and reduce Illinois’ second-in-the -nation property taxes. Some districts could see their tax bills cut in half.
By Patrick Andriesen
Illinois shorts higher ed by nearly $530M compared to 15 years ago
Illinois shorts higher ed by nearly $530M compared to 15 years ago
Illinois’ institutions of higher education will get nearly $530 million less from lawmakers to run this year than they did in fiscal year 2009, adjusted for inflation. Coupled with rapidly rising pensions, students and their families can expect ever-higher tuition costs.
By Patrick Andriesen
Merging downstate police, fire pensions helps but Illinois needs pension reform
Merging downstate police, fire pensions helps but Illinois needs pension reform
The Illinois Supreme Court voted to uphold a law consolidating 649 municipal police and firefighter pension funds. It may help the state’s pension woes, but amending the Illinois Constitution is needed for real solutions.
By Bryce Hill
Taxpayer advocates push fixes for Chicago’s massive pension debt
Taxpayer advocates push fixes for Chicago’s massive pension debt
At a press conference, a new alliance said failure to address Chicago’s pension problems will threaten public services, fail retirees and push taxes higher so more people are encouraged to leave Illinois.
By Jess Plowman
Chicago can fix pensions but needs taxpayer voices – not just their money
Chicago can fix pensions but needs taxpayer voices – not just their money
Chicago's public pension crisis is the target of a new group called the Taxpayer Pension Alliance, which includes the Illinois Policy Institute. The alliance's launch included this statement by the institute's head of policy.
By Josh Bandoch
Illinois pension debt grows $2.6 billion in 2023, mainly to cover raises
Illinois pension debt grows $2.6 billion in 2023, mainly to cover raises
Unfunded liabilities for Illinois’ five statewide pension systems grew by $2.5 billion in a year, hitting its second-highest level since 2009. Researchers attributed most of the growth to “larger than expected salary increases.”
By Patrick Andriesen