The former Illinois House assistant majority leader received a taxpayer-funded pension worth $129,000 between his retirement in 2019 after being arrested for bribery by federal authorities and his conviction in 2022.
The Chicago City Council approved a casino development in the River West neighborhood. The generated revenue will exclusively pay for pension debt, but only an estimated 9% of what the city needs.
Gov. J.B Pritzker has touted his record on higher education funding, even hinting many students should be given free tuition, but pensions are driving up tuition and eating state university funding. Pritzker refuses to tame that beast.
Vermont and other blue states have recent pension reforms including reductions in cost of living adjustments. What makes Illinois different?
Ex-Alderman Danny Solis handed federal prosecutors the top politicians in Chicago and the Statehouse to get out of bribery charges. His deal could let him keep his pension – a ploy too common in Illinois as voters consider Amendment 1’s potential for protecting pension abuse.
Pension deficits are causing communities to consider more borrowing – and gambling with the proceeds – as pensions continue to consume bigger shares of budgets.
A new bill in the Illinois House calls for suspending the pensions for legislators facing corruption charges. Former House Speaker Michael Madigan, recently indicted for racketeering and bribery, is set to collect $12,600 per month starting in July.
Illinois’ 90% funding target already violates best practices, but some have proposed going even lower. That’s a bad idea based on a myth, according to the American Academy of Actuaries.
Illinois school districts paid out $8.8 million in penalties over two school years to cover salary and sick days in excess of what is allowed by law. Those are dollars taken from classrooms, but only hint at the full taxpayer cost.
Gov. J.B. Pritzker signed a bill to boost Chicago firefighter cost-of-living increases last year, costing taxpayers $850 million. Despite Mayor Lori Lightfoot calling it “irresponsible,” a new bill would do the same for city police at more than triple the cost.
Illinois lawmakers might borrow $1 billion to extend pension buyout programs until 2026. Experts warn the efforts have been a disappointment and will do little to ease Illinois’ worst-in-the-nation pension crisis.
Amendment 1 would stop voters and lawmakers from curbing government unions’ ability to demand more from taxpayers, including platinum health insurance the average Illinoisan doesn’t enjoy.
Illinois lawmakers haven’t taken up pension legislation in nearly a decade. It’s time to give voters a chance to fix the problem driving state fiscal woes. A constitutional amendment can fix the unsustainable public pension systems.
Fiscal watchdog Truth in Accounting again gave an ‘F’ grade to Chicago, thanks to high debt driven by unsustainable pension costs. Fixing the problem will take amending the Illinois Constitution.