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.
Illinois’ pension debt is the highest of any state. An easy fix to state law would start the Tier 3 retirement program, saving $577 million while workers gain options.
The village of Skokie issued $176 million in new bonds to fund shortfalls in public safety pensions. The village joins a growing list of municipalities forced to borrow to meet “unsustainable” pension obligations.
Illinois allocates more of its budget to pensions than any other state, but pension spending has only skyrocketed. A constitutional amendment is the only way to reform the state’s unsustainable and underfunded pension systems.
“I just feel that as a taxpayer, I should be able to decide when I give, and receive, my money. Also. I should be able to decide whether I want to contribute to a pension. I know how to budget my own finances from month to month. That’s something that I teach in my classes.”