58 former Illinois state lawmakers collecting six-figure pensions
58 former Illinois state lawmakers collecting six-figure pensions
Former lawmakers receive generous benefits from the state’s worst-run retirement fund.
Nearly 80 percent of Alton property tax levy consumed by pensions
Nearly 80 percent of Alton property tax levy consumed by pensions
The share of Alton’s annual property tax levy going to pension payments has more than doubled over the past decade.
Illinois teacher pension fund requests $400M in additional taxpayer contributions
Illinois teacher pension fund requests $400M in additional taxpayer contributions
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.
Pension funds’ rosy projections spell trouble for Illinois taxpayers
Pension funds’ rosy projections spell trouble for Illinois taxpayers
Overly optimistic expectations about investment returns mean Illinois is understating its pension debt. That could lead to a nasty surprise for future taxpayers.
Pensions, debt push Oak Lawn toward ‘junk’ credit rating
Pensions, debt push Oak Lawn toward ‘junk’ credit rating
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.
Pension costs ravaging Rockford’s budget as leaders consider police and fire cuts
Pension costs ravaging Rockford’s budget as leaders consider police and fire cuts
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.
6 former library employees have taken home over $1M in pension benefits
6 former library employees have taken home over $1M in pension benefits
Large pension payouts in the face of flat incomes for taxpayers raise questions of fairness.
Southern Illinois municipal pensioners have collected more than $500M in benefits over last 20 years
Southern Illinois municipal pensioners have collected more than $500M in benefits over last 20 years
Despite regional struggles and a shrinking population, taxpayers in southern Illinois have been saddled with rapidly growing pension costs.
Crowding out: Chicago pension fund demands intercept of state grant money
Crowding out: Chicago pension fund demands intercept of state grant money
The Chicago firefighters pension fund has filed claims with the Illinois comptroller for $3.3 million in shorted pension contributions, an action that could worsen city finances and service delivery.
High-risk real estate investments cost Chicago pension funds $54M, win fund managers $9M
High-risk real estate investments cost Chicago pension funds $54M, win fund managers $9M
A real estate investment deal arranged by a firm that employed former Mayor Richard M. Daley’s nephew has dealt a blow to Chicago’s cash-strapped pension funds, underscoring the need for a 401(k)-style alternative.
Schaumburg Park District pensions costing taxpayers millions
Schaumburg Park District pensions costing taxpayers millions
One former Schaumburg Park District employee alone has accumulated more than $1 million in pension benefits after retiring at age 55.
Moody’s: Illinois pension debt-to-revenue ratio hits all-time high for any state
Moody’s: Illinois pension debt-to-revenue ratio hits all-time high for any state
According to a new report by Moody’s Investors Service, Illinois’ unfunded pension liabilities equaled 601 percent of state revenues in 2017, a U.S. record.
Illinois’ Gordian knot: Pensions, insolvency and the ‘b word’
Illinois’ Gordian knot: Pensions, insolvency and the ‘b word’
If lawmakers continue to balk at building the tools necessary to reform pensions, bankruptcy will be the only way out for communities across the state.
Crowding out: Pension pressure leads to layoffs in Peoria
Crowding out: Pension pressure leads to layoffs in Peoria
The city of Peoria, Illinois sent layoff notices to 27 employees in an effort to fill a budget hole caused by growing pension costs.