Pension reform is a moral imperative. The alternative is a future in which core services are cut, taxes are raised, and pensioners risk losing what they’ve already been promised as the funds go insolvent.
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.
While often regarded as a duplicative and unnecessary unit of government, former township employees in Illinois have banked more than $273 million in pension benefits since 1998.
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.
More than a dozen city and park district retirees in Highland Park have received more than $1 million in pension benefits each.
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.
Among the 23 former city of Springfield employees who retired at age 50, five have accumulated more than $1 million in pension benefits.
Previous pension obligation bonds in Illinois have increased costs to taxpayers and done nothing to solve the fiscal challenges created by the pension system.
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.
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.
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.
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.
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.
Any meaningful property tax relief for Illinoisans means reforming Illinois’ unsustainable public pension system.