Nearly two-thirds of Peoria property taxes consumed by pensions
Nearly two-thirds of Peoria property taxes consumed by pensions
The average Peoria household owns nearly $38,000 in state and local pension debt.
Chicago Park District ‘reform’ bill puts pension costs on taxpayers
Chicago Park District ‘reform’ bill puts pension costs on taxpayers
House Bill 417 falls far short of the structural reforms Illinois pension systems require. A constitutional amendment is needed after courts blocked a real reform effort in 2018.
5 things wrong with Illinois holding 30% of U.S. pension bond debt
5 things wrong with Illinois holding 30% of U.S. pension bond debt
Pension obligation bonds, like payday loans, are a sign of mismanaged finances. Illinois not only leads the nation for using that risky debt, it owes the bulk of it.
Pritzker seeks credit upgrades despite growing pension debt, budget deficits
Pritzker seeks credit upgrades despite growing pension debt, budget deficits
Pension debt is a record $144.2 billion while Illinois’ short-term debt is on track to reach $22 billion in three years, exceeding the record $16.7 billion hit during the budget impasse.
S&P: Growing debt, refusing reforms, population loss doom Illinois public pensions
S&P: Growing debt, refusing reforms, population loss doom Illinois public pensions
S&P Global Ratings said Illinois’ public pension systems are in trouble, and will get worse thanks to the Illinois Exodus and because state leaders refuse to fix the problems.
Chicago’s plan to pay off COVID-19 debt with federal aid hits a snag
Chicago’s plan to pay off COVID-19 debt with federal aid hits a snag
Chicago had planned to use half of its federal relief funds to pay down pandemic debts, but new federal guidance may prevent that. Regardless, without pension reform the city will continue drowning in debt.
Madigan begins collecting $7,093-a-month public pension
Madigan begins collecting $7,093-a-month public pension
Former Illinois House Speaker Michael Madigan will collect $85,000 a year, but in a little more than a year his pension will shoot up to nearly $150,000 a year.
Federal stimulus passes with $1,400 for most Illinoisans, $13 B for government
Federal stimulus passes with $1,400 for most Illinoisans, $13 B for government
President Joe Biden on Friday is expected to sign the COVID-19 stimulus bill, with direct payments to most Illinoisans and a significant boost to local and state governments. Illinois can use this opportunity to fix state finances.
Bill would stop Illinois lawmakers from getting public pensions
Bill would stop Illinois lawmakers from getting public pensions
State lawmakers have significantly abused and underfunded their own pension system. Ending it would be a plus, but only a constitutional amendment will stop pension debt from swallowing Illinois.
Moody’s report: Illinois pension debt reaches record-high $317 billion
Moody’s report: Illinois pension debt reaches record-high $317 billion
Illinois worst-in-the-nation public pension debt grew 19% year over year. It will continue hurting the state economy and job growth, driving more people out of Illinois, unless there are reforms.
Hidden pension ‘tax’ costs each Illinoisan more than $1,400 per year
Hidden pension ‘tax’ costs each Illinoisan more than $1,400 per year
Illinoisans pay a hidden pension tax. Eliminating that cost would free up resources to help Illinois recover from the COVID-19 recession while also raising the state’s long-term economic potential.
Madigan will retire with $2.9 million public pension after contributing just $350,000
Madigan will retire with $2.9 million public pension after contributing just $350,000
Because of a pension sweetener for politicians that Madigan helped create, the former speaker’s pension will spike more than $66,000 the year after his first full year of retirement, then grow 3% each year thereafter.
Pritzker to decide COLA increase for Chicago firefighter pensions, with $850M price tag
Pritzker to decide COLA increase for Chicago firefighter pensions, with $850M price tag
Over the objections of Chicago Mayor Lori Lightfoot, who called the legislation “irresponsible,” state lawmakers passed a bill to increase the cost-of-living adjustment for 2,200 Chicago firefighter pensions to 3% from 1.5%. Gov. J.B. Pritzker should veto it.
Pritzker calls for $700M in service cuts, silent on pension reform
Pritzker calls for $700M in service cuts, silent on pension reform
Illinois’ current budget started out at a deficit, hoped for a tax increase that was rejected and counted on a federal bail-out that never came. Gov. J.B. Pritzker’s best fix is pension reform.