The Illinois Municipal Retirement Fund’s relative health compared with other government-worker pension funds is only due to its ability to force localities to fund it at the expense of other pension funds and vital local services.
Despite being sentenced to 15 months in prison for a financial crime intended to cover up his sexual abuse of high school students, former U.S. House Speaker Dennis Hastert will continue to receive $28,000 annual pension payments for his six years as an Illinois state representative.
Illinois’ public colleges and universities used to be affordable, but schools have increased tuition from 74-112 percent over the last decade to help pay for administrative hiring sprees and skyrocketing pensions.
Retirement ages, COLAs and out-of-sync pension payouts
Concept of “consideration” allows state workers to negotiate for new benefits and could pave a path toward pension reform.
The city’s rating from Fitch is now just one notch above junk status.
The Illinois Supreme Court’s overturning of Chicago’s modest pension reform means Chicago faces higher pension contributions, rapidly growing pension debt and an increased risk of total insolvency for its pension funds.
Despite striking down a pension-reform package aimed at reducing Chicago’s pension debt, the Illinois Supreme Court opened the door for future legislative reforms.
While striking down modest reforms to Chicago city-worker pensions, the Illinois Supreme Court has effectively given state lawmakers the green light on other avenues for pension reform.
Pension holidays, steep increases in teachers' salaries, and lopsided ratios of teacher contributions to pension payouts have caused the Chicago Teachers’ Pension Fund’s unfunded liabilities to shoot up to $9 billion in 2015.
Illinois’ growing pension costs – not the state budget gridlock – are taking away funding for essential government services, such as education.
Spending on state-worker pension benefits grew 586 percent between 2000 and 2015.
The perk costs taxpayers tens of thousands of dollars each year.
More than 1.7 million Illinoisans hold student-loan debt.