Peoria cuts police and fire, moves toward new property fee to pay for pensions

By Adam Schuster

11/19/2018

The city of Peoria’s decision to eliminate 22 firefighter and 16 police positions came after 27 layoffs earlier this year. Both decisions and a proposed $50-$300 fee are because pension spending is crowding out services.

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

Arizona voters show Illinois the path forward on pensions

By Adam Schuster

11/19/2018

For the second time, Arizona voters approved a constitutional amendment allowing changes to unearned future pension benefits.

TAGS: arizona, COLA, municipal pensions, pension guarantee, pensions

House bill would boost pension payments for Chicago aldermen

By Vincent Caruso

11/10/2018

Gov. Bruce Rauner vetoed a bill to allow former firefighters serving as Chicago aldermen to credit their political salary toward a more lucrative firefighter pension. It could come back during veto session.

TAGS: Bruce Rauner, Chicago, Chicago City Council, municipal pensions, pension guarantee, pensions, Robert Martwick

Pensions consume nearly half of Schaumburg’s property tax levy

By Joe Kaiser

11/08/2018

Schaumburg’s village board may have an opportunity to cut its property tax levy, but the village faces a challenge controlling its pension costs.

TAGS: municipal pensions, pension guarantee, pensions, property taxes, schaumburg, taxes

58 former Illinois state lawmakers collecting six-figure pensions

By Joe Barnas

11/06/2018

Former lawmakers receive generous benefits from the state’s worst-run retirement fund.

TAGS: Arthur L. Berman, COLA, GARS: General Assembly Retirement System, Jim Edgar, lawmaker pay, pensions

Nearly 80 percent of Alton property tax levy consumed by pensions

By Vincent Caruso

11/05/2018

The share of Alton’s annual property tax levy going to pension payments has more than doubled over the past decade.

TAGS: Alton, municipal pensions, pension guarantee, pensions, property taxes

Illinois teacher pension fund requests $400M in additional taxpayer contributions

By Adam Schuster

11/02/2018

The pension fund’s request for $4.8 billion in taxpayer contributions for the next budget year, a 10 percent increase from the previous year, highlights the need for pension reform in Illinois.

TAGS: budget, municipal pensions, pension guarantee, pensions, taxes, TRS: Teachers’ Retirement System

Pension funds’ rosy projections spell trouble for Illinois taxpayers

By Bill Reveille

11/02/2018

Overly optimistic expectations about investment returns mean Illinois is understating its pension debt. That could lead to a nasty surprise for future taxpayers.

TAGS: income tax, municipal pensions, pension guarantee, pensions, property taxes, taxes

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