Pensions, debt push Oak Lawn toward ‘junk’ credit rating

By Vincent Caruso

10/21/2018

The Chicago suburb is facing severe fiscal challenges brought about by its unsustainable pension burden and $75 million in debt – a trend that has become too common among Illinois municipalities.

TAGS: budget, credit rating, municipal pensions, oak lawn, pension guarantee, pensions, property taxes

Pension costs ravaging Rockford’s budget as leaders consider police and fire cuts

By Vincent Caruso

10/15/2018

Rising pension costs in Illinois’ fifth-largest city are pushing Rockford near the edge of a fiscal cliff – a fate that officials are looking to reverse with a series of steep public service cuts.

TAGS: budget, municipal pensions, pension guarantee, pensions, property taxes, rockford, taxes

6 former library employees have taken home over $1M in pension benefits

By Austin Berg

10/02/2018

Large pension payouts in the face of flat incomes for taxpayers raise questions of fairness.

TAGS: IMRF: Illinois Municipal Retirement Fund, municipal pensions, pension guarantee, pensions, property taxes, taxes

Southern Illinois municipal pensioners have collected more than $500M in benefits over last 20 years

By Joe Kaiser

09/25/2018

Despite regional struggles and a shrinking population, taxpayers in southern Illinois have been saddled with rapidly growing pension costs.

TAGS: IMRF: Illinois Municipal Retirement Fund, Jackson County, Jefferson County, Massac County, municipal pensions, pension guarantee, pensions, Perry County, property taxes, Randolph County, Williamson County

Crowding out: Chicago pension fund demands intercept of state grant money

By Adam Schuster

09/18/2018

The Chicago firefighters pension fund has filed claims with the Illinois comptroller for $3.3 million in shorted pension contributions, an action that could worsen city finances and service delivery.

TAGS: 401(k), Chicago, harvey, municipal pensions, pension guarantee, pensions

High-risk real estate investments cost Chicago pension funds $54M, win fund managers $9M

By Vincent Caruso

09/14/2018

A real estate investment deal arranged by a firm that employed former Mayor Richard M. Daley’s nephew has dealt a blow to Chicago’s cash-strapped pension funds, underscoring the need for a 401(k)-style alternative.

TAGS: Chicago, Daley, investment, municipal pensions, pension guarantee, pensions

Schaumburg Park District pensions costing taxpayers millions

By Vincent Caruso

09/04/2018

One former Schaumburg Park District employee alone has accumulated more than $1 million in pension benefits after retiring at age 55.

TAGS: 401(k), municipal pensions, pension guarantee, pensions, property taxes, schaumburg, taxes

Moody’s: Illinois pension debt-to-revenue ratio hits all-time high for any state

By Adam Schuster

08/31/2018

According to a new report by Moody’s Investors Service, Illinois’ unfunded pension liabilities equaled 601 percent of state revenues in 2017, a U.S. record.

TAGS: bonds, credit rating, debt, employment, harvey, Moody's Investor Service, municipal pensions, pension guarantee, pensions, peoria, taxes

Illinois’ Gordian knot: Pensions, insolvency and the ‘b word’

By Austin Berg

08/30/2018

If lawmakers continue to balk at building the tools necessary to reform pensions, bankruptcy will be the only way out for communities across the state.

TAGS: bankruptcy, harvey, municipal pensions, pension guarantee, pensions, peoria

Crowding out: Pension pressure leads to layoffs in Peoria

By Adam Schuster

08/29/2018

The city of Peoria, Illinois sent layoff notices to 27 employees in an effort to fill a budget hole caused by growing pension costs.

TAGS: municipal pensions, pensions, peoria, property taxes, taxes