$53 billion pension spike advances during last-minute veto session
$53 billion pension spike advances during last-minute veto session
A bill that would increase Tier 2 pension benefits was passed out of Illinois House Executive Committee on Oct 30.
Harvey needs a way out of its crippling pension debt
Harvey needs a way out of its crippling pension debt
Harvey became the second city in 35 years to ask the state to step in under Illinois’ Financially Distressed City Law. It won’t address the main issue: growing pension liabilities.
Pensions make homeownership unaffordable in Illinois
Pensions make homeownership unaffordable in Illinois
The dream of homeownership is pushed out of reach by low housing supply and soaring property taxes driven by pension costs.
Pensions take up money that should go to Illinois classrooms
Pensions take up money that should go to Illinois classrooms
Pension costs take a growing share of school funding, driving up property taxes and leaving less for teachers and students.
Budget black hole: Pensions and debt devour Chicago budget
Budget black hole: Pensions and debt devour Chicago budget
Pensions and debt dominate Chicago’s spending increases, crowding out core services. Without reform, rising obligations will drag the city into deeper financial trouble.
Chicago park pension remains underfunded despite reforms
Chicago park pension remains underfunded despite reforms
Despite a 2021 law meant to improve the funding ratio of Chicago’s park pension, the amount of money the system has on hand to pay out benefits remains low.
Without reforms, pension insolvency will eat Chicago alive
Without reforms, pension insolvency will eat Chicago alive
If Chicago’s pension systems become insolvent, the city will have to reduce benefits or make serious cuts to city services. The only way out is constitutional reform.
Wait it out? Illinois pensions probably can’t afford to
Wait it out? Illinois pensions probably can’t afford to
Illinois’ pension crisis won’t be solved without constitutional reform. Waiting for Tier 1 members to completely leave the system would take decades and cost taxpayers billions in unsustainable benefits.
Chicago pensions carry more debt than 44 states
Chicago pensions carry more debt than 44 states
Chicago’s pension systems carry over $53 billion in debt, leaving taxpayers with rising bills and no reform in sight.
Selling every NBA team wouldn’t be enough to fill Illinois’ pension hole
Selling every NBA team wouldn’t be enough to fill Illinois’ pension hole
The five pension systems run by the state of Illinois only have 46 cents on hand for every $1 of benefits they owe. Filling that $144 billion hole would require more money than the price of every NBA team combined.
Chicago retirement fund for first responders at greater risk
Chicago retirement fund for first responders at greater risk
Gov. J.B. Pritzker signed a law adding $11.1 billion in new liabilities to Chicago’s fire and police pensions, already the worst-funded in the nation. These “sweeteners” hurt retirement security more than they help.
Chicago alderman’s $120K pension shows why city fund is broken
Chicago alderman’s $120K pension shows why city fund is broken
Chicago’s municipal pension is one of the worst-funded pension systems in the nation despite sky-high taxes dedicated to paying into it. Fat pensions such as former Ald. Walter Burnett’s show why.
Pritzker further undermines Chicago police, fire pensions
Pritzker further undermines Chicago police, fire pensions
Gov. J.B. Pritzker had a chance to stop a bill putting taxpayers on the hook for $11.1 billion in inflated pension benefits for Chicago police and firefighters. He blew it. Taxpayers will be paying the price for decades.
Report shows Illinois government pension crisis worst in U.S.
Report shows Illinois government pension crisis worst in U.S.
Illinois has the nation’s worst public pension crisis. Nationwide analysis from the Equable Institute shows Illinois state pensions remain fiscally unstable and threaten retirees and taxpayers, underscoring the need for reform.