Illinois’ five statewide pensions system saw their debt increase by nearly $10 billion to a grand total of $140 billion in fiscal year 2022. Pensions will cost the state nearly $11 billion next year, but that’s still $4.4 billion too little.
The Biden administration promised nearly $36 billion to stabilize pension plans for Teamsters nationwide after forecasts predicted the system’s default by 2026. Union members would have seen their retirement benefits slashed by 60% if the system defaulted.
A former CTA clerk was indicted on five counts of wire fraud for allegedly creating and approving 43 fraudulent benefit requests.
Illinois taxpayers spent $3.3 billion more on public pensions between 2017 and 2022 than state forecasts said they would. Had that money not evaporated, it could have paid to repave 150,000 miles of roads or for nearly 25,000 full-ride scholarships.
Chicago Mayor Lori Lightfoot earmarked $442 million to help pay down Chicago’s $46.9 billion pension debt. The Civic Federation said stop-gap measures will only delay future property tax hikes unless there’s statewide pension reform.
A new financial report predicts residents in the nation’s largest cities will pay more for pensions next year as inflation and recessionary fears “erase” 2021 gains. Chicago topped the big cities for pension debt.
Pension expert Richard Ennis analyzed public pension performance of 24 funds, finding the Teachers’ Retirement System of Illinois among the worst after underperforming for 10 years.
Illinois is home to one of the worst pension crises in the country.1 At 39% funded, according to the nonpartisan Pew Charitable Trusts, Illinois has the worst pension funding ratio of any state.2 By contrast, neighboring Wisconsin’s pension system is 103% funded.3 In fiscal year 2022, Illinois’ total general funds pension costs, including pension bond...
Over-promised benefits continue to sink Chicago’s finances as the recent bear market eats into 2021 stock market gains. Investments gaining 25% last year plus federal aid didn’t offer much help to city pension systems, which have more debt than 45 states.
Chicago property tax bills are on the rise again, thanks to the city’s massive pension debt. Mayor Lori Lightfoot compared the latest property tax hike to additional toppings at lunch.
Illinois offers generous pensions to public workers, but some workers engage in legal schemes that give them more than their fair share. Here are some common Illinois pension games that taxpayers are forced to fund.
Illinois’ broken pension system has allowed loopholes and schemes that cheat other pensioners and drive up taxpayers’ burdens. Here are 10 examples.
Forecasts predict Illinois public pension debt will grow despite the funds having one of their best investment years ever in 2021.
This edition of The Policy Shop is written by Adam Schuster, vice president of policy at the Illinois Policy Institute. The numbers don’t lie. Our recent polling shows 61% of Illinois voters want pension reform. A big factor? Taxpayers contribute 84 cents of every dollar public pensioners receive in retirement. Our elected leaders in Illinois seem...