Pension reform plan for Illinois: Right under its nose
Pension reform plan for Illinois: Right under its nose
Since 1998, more than 20,000 state university workers have opted into a 401(k)-style plan instead of the traditional pension plan.
Each Illinois household on the hook for $56K in government-worker retirement debt
Each Illinois household on the hook for $56K in government-worker retirement debt
In 2010, the unfunded debt related to pensions and retiree health care costs for local and state government workers across Illinois was $203 billion, the equivalent of more than $43,000 per household. In just six years, the total debt Illinois households are on the hook for has jumped to $56,000, or 31 percent. That’s a $13,000 increase for each household. Total unfunded debt for state and local governments in Illinois now totals $267 billion.
Illinois universities charge high price for perverse priorities
Illinois universities charge high price for perverse priorities
More than 50 percent of the state’s $4.1 billion budget for public universities is spent on retirement costs alone.
Unpaid sick leave spikes Illinois teachers’ pension benefits
Unpaid sick leave spikes Illinois teachers’ pension benefits
While sick leave is necessary for working teachers, letting unpaid sick leave accumulate for the purpose of boosting pensions is an expensive perk that taxpayers cannot afford.
Interest on Illinois’ pension debt is $9.1B per year
Interest on Illinois’ pension debt is $9.1B per year
A golden rule of finance is this: Debt that can’t be paid won’t be paid.
Defending the indefensible: IMRF director on pensions
Defending the indefensible: IMRF director on pensions
The head of the Illinois Municipal Retirement Fund, or IMRF, has dismissed calls for pension reform, disregarding the fact that pensions aren’t manageable, benefits aren’t affordable, and previous “reforms” propped up pensions on the backs of new workers.
State of Illinois’ pension debt jumps to $130 billion
State of Illinois’ pension debt jumps to $130 billion
Illinois households are now on the hook for $27,000, up 17 percent from 2015.
Springfield pensions hurt city credit rating, residents
Springfield pensions hurt city credit rating, residents
The ratings agency cited the city’s “considerable growth” in pension debt in its Oct. 28 downgrade to A3 from A1.
Damage from Edgar ramp obscured by dotcom boom
Damage from Edgar ramp obscured by dotcom boom
Former Gov. Jim Edgar’s pension compromise with House Speaker Mike Madigan in the 1990s set the state’s pension funds down an unsustainable road.
S&P downgrades Illinois credit rating closer to junk
S&P downgrades Illinois credit rating closer to junk
The ratings agency also warns that another downgrade could be coming if the state doesn’t enact serious reforms to improve its fiscal condition.
Moody’s issues another CPS credit downgrade
Moody’s issues another CPS credit downgrade
Another credit downgrade shows borrowing, taxes and bailouts can’t fix CPS’ financial crisis, but real structural reforms are needed.
California court rules that pensions can be reformed going forward
California court rules that pensions can be reformed going forward
Unlike the Illinois Supreme Court’s protection of the status quo, a California appeals court is allowing a pension reform law to move forward and potentially reduce that state’s pension burden.
Number of six-figure Chicago pensioners has tripled in last 4 years
Number of six-figure Chicago pensioners has tripled in last 4 years
More government workers are taking home massive yearly pension payments as Chicagoans are battered by tax hikes.
Taxpayers forced to pay $421 million more for teacher pensions
Taxpayers forced to pay $421 million more for teacher pensions
The Illinois Teachers’ Retirement System’s actuarial changes will drive up taxpayer contributions by $421 million in 2017. These latest changes prove Illinois’ pension math doesn’t work.