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
The pension crisis is worse than the state admits, and the state’s official projections cannot be trusted.
Eddie Johnson was fired before his scheduled retirement after he was found asleep behind the wheel. He blamed medication. Video showed him drinking.
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.
More than 129,000 Illinois public pensioners will see expected payouts of $1 million or more during retirement.
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.
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.
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.
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.
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.
The rapidly increasing cost of pensions is crowding out core government services.