Amid controversy, political township couple banks nearly $100K in pension benefits

By Joe Kaiser

08/17/2018

Voted out of office in 2017 amid allegations of patronage and waste, Algonquin Township’s former highway commissioner has since found work at neighboring townships – while collecting a handsome pension from his former employer.

TAGS: Algonquin Township, Bob Miller, consolidation, IMRF: Illinois Municipal Retirement Fund, local government consolidation, McHenry County, municipal pensions, pensions, property taxes

Play money: Former Park District of Highland Park employees taking home 6-figure pensions

By Austin Berg

08/16/2018

More than a dozen city and park district retirees in Highland Park have received more than $1 million in pension benefits each.

TAGS: 401(k), Highland Park, IMRF: Illinois Municipal Retirement Fund, municipal pensions, pensions, property taxes, taxes

20 municipal retirees in Peoria County are pension millionaires

By Vincent Caruso

08/16/2018

The average lifetime pension benefit among the county’s 20 highest-earning municipal retirees is more than $1.2 million, while their average total retirement contribution is less than $75,000.

TAGS: 401(k), municipal pensions, pensions, peoria, property taxes, taxes

Retiring as early as age 50, Springfield municipal pensioners bank over $1M

By Joe Kaiser

08/13/2018

Among the 23 former city of Springfield employees who retired at age 50, five have accumulated more than $1 million in pension benefits.

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

Shell game: Chicago considers plan to borrow $10B to pay off pension debt

By Adam Schuster

08/09/2018

Previous pension obligation bonds in Illinois have increased costs to taxpayers and done nothing to solve the fiscal challenges created by the pension system.

TAGS: Chicago, Chicago City Council, municipal pensions, pensions, Rahm Emanuel

Illinois state Sen. Dale Fowler pushes bill to undo ‘pension spiking’ restrictions

By Adam Schuster

08/09/2018

Senate Bill 3622 would reverse recently passed restrictions on pension spiking, raising the cap on end-of-career salary increases to 6 percent from 3 percent.

TAGS: Dale Fowler, IEA-NEA: Illinois Education Association, municipal pensions, pensions, spiking

Pair of Des Plaines park district retirees have taken home $1M each in pension benefits

By Joe Kaiser

08/07/2018

Active Des Plaines Park District pensioners – including two pension millionaires – have put taxpayers on the hook for more than $7.6 million in pension payouts since 1996.

TAGS: Des Plaines, IMRF: Illinois Municipal Retirement Fund, municipal pensions, pensions, property taxes, taxes

Nearly 100 Lake County municipal retirees are pension millionaires

By Austin Berg

08/07/2018

Lake County residents pay some of the highest property taxes in the nation – a burden driven by the growth in pension costs over the last 20 years.

TAGS: 401(k), IMRF: Illinois Municipal Retirement Fund, Lake County, municipal pensions, pension guarantee, pensions, police, property taxes, taxes

Retired Kane County water district employee has banked $3.5M in pension payments

By Joe Kaiser

07/30/2018

Despite serving one of the most overtaxed parts of the state, a retired Kane County-area water district employee has collected millions in pension payouts over the past 20 years.

TAGS: IMRF: Illinois Municipal Retirement Fund, Kane County, municipal pensions, pensions, property taxes, taxes

Settlement agreement in Harvey foreshadows pension crisis in Illinois

By Adam Schuster, Joe Tabor

07/30/2018

An agreement to end a dispute between the city of Harvey and two public safety pension funds provides a glimpse at the impending fiscal crises stemming from government pensions across the state.

TAGS: harvey, municipal pensions, pensions, property taxes, taxes