Illinois alone lets state pension debt top $100B
Illinois alone lets state pension debt top $100B
Illinois’ $143.5 billion state pension debt saw a tiny dip, but meaningful reform is needed to stop threats to taxpayers and protect state retirees.
REPORTS
Fixing Illinois pension crisis by amending nation’s most-restrictive pension law is legal, effective
3 problems with Lightfoot’s Chicago budget, starting with an unnecessary property tax hike
Pension apocalypse? COVID-19 exposes long-running fragility of Illinois public pensions
Illinois public services being cut to pay unsustainable pension cost
Tax hikes vs. reform: Why Illinois must amend its constitution to fix the pension crisis
$1 million a day X 600 years to fill Illinois pension hole
$1 million a day X 600 years to fill Illinois pension hole
Illinois has the highest pension debt per capita. Even if the state spent an extra $1 million a day, your distant descendants would still be paying in 2600.
Nearly 30,000 Chicago teachers are caught in pension trap
Nearly 30,000 Chicago teachers are caught in pension trap
Half of retired Chicago pensioners make more than average working Illinoisans, but nearly 30,000 teachers won’t be eligible for more than a contribution refund.
Illinois police pensions lock up local property taxes
Illinois police pensions lock up local property taxes
Across Illinois, police pensions are taking an ever-greater share of property tax dollars, leaving fewer resources for public safety.
Illinois firefighter pensions torch local finances
Illinois firefighter pensions torch local finances
In Lake County and across Illinois, fire pensions are driving up property taxes and leaving fewer resources for safety.
$53 billion pension spike advances during last-minute veto session
$53 billion pension spike advances during last-minute veto session
A bill that would increase Tier 2 pension benefits was passed out of Illinois House Executive Committee on Oct 30.
Harvey needs a way out of its crippling pension debt
Harvey needs a way out of its crippling pension debt
Harvey became the second city in 35 years to ask the state to step in under Illinois’ Financially Distressed City Law. It won’t address the main issue: growing pension liabilities.
Pensions make homeownership unaffordable in Illinois
Pensions make homeownership unaffordable in Illinois
The dream of homeownership is pushed out of reach by low housing supply and soaring property taxes driven by pension costs.
Pensions take up money that should go to Illinois classrooms
Pensions take up money that should go to Illinois classrooms
Pension costs take a growing share of school funding, driving up property taxes and leaving less for teachers and students.
Budget black hole: Pensions and debt devour Chicago budget
Budget black hole: Pensions and debt devour Chicago budget
Pensions and debt dominate Chicago’s spending increases, crowding out core services. Without reform, rising obligations will drag the city into deeper financial trouble.
Chicago park pension remains underfunded despite reforms
Chicago park pension remains underfunded despite reforms
Despite a 2021 law meant to improve the funding ratio of Chicago’s park pension, the amount of money the system has on hand to pay out benefits remains low.
Without reforms, pension insolvency will eat Chicago alive
Without reforms, pension insolvency will eat Chicago alive
If Chicago’s pension systems become insolvent, the city will have to reduce benefits or make serious cuts to city services. The only way out is constitutional reform.