Pensions

Testimony: Chicago pension systems’ dire finances cannot afford benefit boost

Testimony: Chicago pension systems’ dire finances cannot afford benefit boost

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.

By Bryce Hill

Illinois lawmakers plan to short pensions by $5.1B in July

Illinois lawmakers plan to short pensions by $5.1B in July

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.

By Bryce Hill

5 principles to guide Illinois’ public pension reform

5 principles to guide Illinois’ public pension reform

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.

By LyLena Estabine

Chicago property taxes have doubled in 10 years, thanks to pensions

Chicago property taxes have doubled in 10 years, thanks to pensions

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.

By Bryce Hill

Illinois state pension debt climbs to $144B

Illinois state pension debt climbs to $144B

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.

By LyLena Estabine