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...View Report
A provision included in the bargaining agreement reached between Chicago and its teachers union will allow teachers to trade up to 244 unused sick days for pension credits – billable to all Illinois taxpayers.
Illinois’ contributions to its pension funds exceeded $10 billion in 2019 for the first time in state history – and it wasn’t nearly enough to keep the state’s pension debt from growing.
Illinois Senate President John Cullerton is championing a bill to merge more than 640 local police and fire pension funds into two investment pools. With lawmakers returning to Springfield for veto session, action on the bill may be near.
After retiring at age 55, the average Chicago teacher just takes five months to get back everything they contributed toward their pension during their career.
If Illinois groups could come together to bring the same enthusiasm and support to a constitutional amendment, the state could fix its pension problem once and for all.
City pension contributions are set to spike by $1 billion over just four years. Taxpayers cannot afford the entire burden of fixing city finances.
East St. Louis is short $9.5 million between a budget deficit and back payments owed to its fire and police pensions. As a result, city leaders are closing a firehouse and laying off nine firefighters.
Consolidating downstate and suburban police and fire pension systems is a start, but both fixes and Illinois’ pension problems go much deeper.
East St. Louis already faces a $2.2 million state funding diversion for its firefighters pension fund. Now the police pension board is demanding $1.79 million the city owes that fund.
A new report shows Illinois’ unfunded pension debt liability remained highest in the nation despite the 2017 income tax hike.