Reforming future benefit growth via a constitutional amendment is the only way to ensure the retirement security of government workers, protect taxpayer budgets and fulfill the needs of Illinoisans reliant on core services.View Report
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.
For the second time, Arizona voters approved a constitutional amendment allowing changes to unearned future pension benefits.
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.
Schaumburg’s village board may have an opportunity to cut its property tax levy, but the village faces a challenge controlling its pension costs.
Former lawmakers receive generous benefits from the state’s worst-run retirement fund.
The share of Alton’s annual property tax levy going to pension payments has more than doubled over the past decade.
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.
Overly optimistic expectations about investment returns mean Illinois is understating its pension debt. That could lead to a nasty surprise for future taxpayers.
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.
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.