Nearly 40% of education spending consumed by pension costs
Nearly 40% of education spending consumed by pension costs
Growing pension costs for retired educators are quickly crowding the classroom out of Illinois budgets.
Cash-strapped Illinois counties chase down unpaid tickets from 1980s
Cash-strapped Illinois counties chase down unpaid tickets from 1980s
Illinois counties are hiring debt collectors to track down people who may owe money for older, unpaid traffic tickets. One woman accused of owing money would have been just 14 when the ticket was issued.
651 new Illinois public pensioners average $1.3M in estimated retirement benefits
651 new Illinois public pensioners average $1.3M in estimated retirement benefits
Newly retired government workers’ lifetime pension benefits will far exceed what they contributed toward their own retirements
Illinois pension buyout program delivers just 3% of projected savings
Illinois pension buyout program delivers just 3% of projected savings
A plan that allowed some pension enrollees to cash in early on their earned retirement benefits in exchange for curbing future benefits has so far generated only 3% of its expected savings.
Nearly $2.5B in Illinois public pension payments flow to 70K out-of-state retirees
Nearly $2.5B in Illinois public pension payments flow to 70K out-of-state retirees
Florida is the top destination for Illinois retirees collecting a public pension.
Pension costs push Metro East property taxes up, as population shrinks
Pension costs push Metro East property taxes up, as population shrinks
Residents in Illinois’ Metro East area are fleeing a growing property tax burden, fueling regional population loss.
No. 2 New Jersey confronts pension crisis as No. 1 Illinois dithers
No. 2 New Jersey confronts pension crisis as No. 1 Illinois dithers
The New Jersey Senate president is proposing solutions to the state’s pension problem. Illinois is worse off, but state leaders remain silent on reforms.
Pritzker budget lifts cap on pension spiking
Pritzker budget lifts cap on pension spiking
A provision included in Illinois’ previous budget aimed to protect state taxpayers from end-of-career salary spiking in local school districts. The budget proposal en route to Gov. J.B. Pritzker’s desk would repeal that protection.
Southwest Illinois county faces property tax hike, layoffs amid rising pension costs
Southwest Illinois county faces property tax hike, layoffs amid rising pension costs
Perry County is home to the DuQuoin State Fair, but the prize hog is a pension system eating money needed for public safety and other core services. County employees face layoffs.
Illinois Senate passes bill barring pension double-dipping for local politicians
Illinois Senate passes bill barring pension double-dipping for local politicians
Illinois is home to the nation’s worst pension problem. A bill aimed at double-dipping by local politicians could make it better as Illinois pursues a pension system overhaul.
Report: Absent reform, retirement benefits will eat over half of Illinois’ taxes
Report: Absent reform, retirement benefits will eat over half of Illinois’ taxes
More than 25% of state revenue already goes to pensions and retiree health care, but Illinois would need to double that to fully fund promised benefits at current levels.
Illinois banks $400M in savings from pension buyouts it can’t calculate
Illinois banks $400M in savings from pension buyouts it can’t calculate
Illinois borrows money to reduce pension obligations, with more borrowing planned. Claims $400 million in current budget savings, but admits to investors it cannot calculate any savings.
Illinois Supreme Court: Union lobbyist can double pension for one day of teaching
Illinois Supreme Court: Union lobbyist can double pension for one day of teaching
Illinois’ high court ruled a former union employee who worked a single day in the classroom is eligible to receive a decade’s worth of teacher pension benefits.
Illinois teacher pension fund slams Pritzker’s borrow, delay plan
Illinois teacher pension fund slams Pritzker’s borrow, delay plan
The Teachers’ Retirement System pension fund board opposed Illinois Gov. J.B. Pritzker’s plan to repeat past mistakes. Here’s why they are right to oppose it.