Harvey pension crisis leads to mass layoffs
Harvey pension crisis leads to mass layoffs
Police, firemen and other government workers will be laid off to cover pension costs.
Chicago Park District pension reform ruled unconstitutional
Chicago Park District pension reform ruled unconstitutional
The ruling will likely mean higher taxes for Chicagoans.
Alton in negotiations to sell off city sewer system and water treatment plant to pay for pensions
Alton in negotiations to sell off city sewer system and water treatment plant to pay for pensions
Most of the proceeds from the sale of Alton's sewer system and water treatment plant would go toward combined police and fire pension debt of more than $113 million.
Mundelein fire department dispute shows weight of growing pension costs
Mundelein fire department dispute shows weight of growing pension costs
Village officials are trying to control expenses by cutting staff as growing pension costs continue to gobble up local tax dollars.
Broken pension system puts Schaumburg taxpayers on the hook for bad investments
Broken pension system puts Schaumburg taxpayers on the hook for bad investments
The defined-benefit pension system threatens the retirement security of government workers, as well as the pocketbooks of overburdened taxpayers.
Danville officials propose monthly fee of $22-85 for pensions in addition to property tax hike
Danville officials propose monthly fee of $22-85 for pensions in addition to property tax hike
A new city proposal would have owners of Danville property pay fees of up to $1,020 a year just for public safety pensions.
Cook County retirees to outnumber active employees in 2 years
Cook County retirees to outnumber active employees in 2 years
Recently released data shows retirees outpacing active employees, adding pressure to an already stressed pension fund.
More than 2,200 Cook County workers receive salaries over $100,000
More than 2,200 Cook County workers receive salaries over $100,000
More than 2,200 Cook County workers receive salaries over $100,000. For career county workers, that means pensions worth millions of dollars over the course of their retirements.
Currie to receive 6-figure pension after first year of retirement
Currie to receive 6-figure pension after first year of retirement
The longtime House majority leader will benefit from a sweetener provision that grants massive pension spikes to career lawmakers after one year of retirement.
River Forest District 90 will pay 100 percent of teacher pension contributions
River Forest District 90 will pay 100 percent of teacher pension contributions
In the midst of Illinois’ pension crisis, River Forest District 90 has agreed to pay 100 percent of teacher contributions to the Teachers' Retirement System – and it did so secretly.
Kentucky governor pushes 401(k)s to help resolve Bluegrass pension crisis
Kentucky governor pushes 401(k)s to help resolve Bluegrass pension crisis
Despite the smaller relative size of its burden, Kentucky is considering making far more comprehensive changes to its public sector retirement systems than Illinois ever has.
Mattoon forced to cut ambulance services to pay for growing pension crisis
Mattoon forced to cut ambulance services to pay for growing pension crisis
Communities across Illinois are being forced to cut local services and raise taxes to afford their pension payments, putting residents who rely on local government services at risk because of the inherent failures of defined-benefit plans.
Rauner signs police pension reform ending double dipping, introducing 401(k) plans
Rauner signs police pension reform ending double dipping, introducing 401(k) plans
The new law is a step toward more fairness within Illinois’ police pension system, while offering certain police officers more control over their retirements.
Harvey pension crisis shows why local governments need a 401(k) option
Harvey pension crisis shows why local governments need a 401(k) option
The Harvey, Illinois, firefighters’ nearly bankrupt pension fund makes up just one part of Illinois’ combined $267 billion in state and local pension liabilities.