Members of the Illinois Senate Pensions Committee heard from pension administrators and government unions about the need for more benefits from retirement systems that are already broken. The Illinois Policy Institute was there, too, to represent taxpayers’ interests.
Pension experts projected state lawmakers’ plans to drastically expand benefits for newer employees would add $60 billion to the state’s pension liability. Illinois is already $143.7 billion in the pension hole.
Illinois’ five state-run retirement systems need $16.8 billion in funding for the coming fiscal year, but state lawmakers only plan to pay $11.7 billion. That’s $5.1 billion less than needed for plans already approaching insolvency.
Nationwide analysis from the Equable Institute reveals Illinois state pensions remain fiscally unstable, underscoring the need for systemic reform.
Former Illinois House Speaker Michael Madigan collected a pension worth $158,000 in 2024 while facing a federal corruption trial in Chicago. Depending on the verdict, taxpayers could be on the hook for another $1 million to cover his remaining benefits.
With nearly $214 billion in state and local pension debt threatening both retirees and government finances, Illinois needs a new path forward. Here are five principles to guide the state, protect taxpayers and safeguard public servants.
Expanding retirement savings plans as an option for all new Illinois state employees would give them choice and likely improve the state’s pension crisis.
Voters in Lemont Township are taking up the pension crisis, gerrymandering and unfunded mandates. The township voted to put three questions on the April 1 ballot to let state leaders know they expect progress on the issues.
Chicago’s public pension contributions remain lower than what actuaries say is needed to pay benefits despite a nearly six-fold increase in spending since 2014. Pension problems are driving high property taxes ever higher.
Winfield Township voters will have a chance to impact Illinois’ pension crisis in the April 1 election. They won’t directly change any laws, but voters can send a strong signal to state lawmakers about pensions causing Illinois’ property tax pain.
Chicago’s government pension obligations have increased nearly sixfold since 2014, driving up Chicago’s sky-high property taxes. Another increase for 2025 was likely avoided, but city leaders need state lawmakers to make a permanent fix.
Illinois' unfunded statewide public pension liabilities grew another $1.5 billion in the past year. Better investment returns couldn’t keep up with public worker pensions growing faster than projected.
Voters in Homer Township will have the chance to weigh in on public pension reform, federal and state redistricting and unfunded state mandates. Illinois state lawmakers have yet to act on the trio of issues.
Chicago Mayor Brandon Johnson’s pensions are worth an estimated $3.8 million after only four years as a teacher and one term as mayor. It could go even higher, depending on his next job moves.