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
Chicago transit employee tried to steal $357K from pension fund
Chicago transit employee tried to steal $357K from pension fund
A former CTA clerk was indicted on five counts of wire fraud for allegedly creating and approving 43 fraudulent benefit requests.
By Patrick Andriesen
Illinois pension costs impair spending on roads, public services
Illinois pension costs impair spending on roads, public services
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.
By Patrick Andriesen
Experts: Expect future Chicago property tax hikes without pension reform
Experts: Expect future Chicago property tax hikes without pension reform
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.
By Patrick Andriesen
Chicago taxpayer contributions to pensions could spike due to recession
Chicago taxpayer contributions to pensions could spike due to recession
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.
By Patrick Andriesen
TRS among worst performing public pension funds
TRS among worst performing public pension funds
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.
By Dylan Sharkey
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.
Lightfoot’s $42.7M property tax hike goes just to pensions
Lightfoot’s $42.7M property tax hike goes just to pensions
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.
By Dylan Sharkey
How to get more than your fair share from an Illinois pension
How to get more than your fair share from an Illinois pension
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.
By Justin Carlson
10 Illinois pension abuses show why taxpayers deserve reform
10 Illinois pension abuses show why taxpayers deserve reform
Illinois’ broken pension system has allowed loopholes and schemes that cheat other pensioners and drive up taxpayers’ burdens. Here are 10 examples.
By Justin Carlson
Report: Illinois likely to see high public pension debt go higher
Report: Illinois likely to see high public pension debt go higher
Forecasts predict Illinois public pension debt will grow despite the funds having one of their best investment years ever in 2021.
By Dylan Sharkey