Pensions

Loophole will let Brandon Johnson collect public pension now worth $1.1M

Loophole will let Brandon Johnson collect public pension now worth $1.1M

Mayoral candidate and Chicago Teachers Union organizer Brandon Johnson is eligible to collect an estimated $1.1 million pension through the Chicago Teachers’ Pension Fund despite only teaching for four years. His future path could yield a public pension worth over $2.8 million.

By Bryce Hill

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