Pensions

Illinois public pension debt grows to $140B

Illinois public pension debt grows to $140B

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.

By Bryce Hill

Biden promises nearly $36 billion for national pension bailouts

Biden promises nearly $36 billion for national pension bailouts

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.

By Patrick Andriesen

Fixing Illinois pension crisis by amending nation’s most-restrictive pension law is legal, effective

Fixing Illinois pension crisis by amending nation’s most-restrictive pension law is legal, effective

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...

By Joe Tabor

Chicago pension funds still among nation’s worst funded

Chicago pension funds still among nation’s worst funded

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.

Newsletter: The Simple Math of Pension Reform

Newsletter: The Simple Math of Pension Reform

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...