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.
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 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’ 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.
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.
A report from one of the largest credit rating agencies criticized Gov. J.B. Pritzker’s “dubious” budget proposal for avoiding necessary fiscal reforms.
According to recent data, Illinois spends nearly double the national average on pensions, measured as a percentage of all state and local government spending.
Illinois’ 101st General Assembly can be leaders in pension reform by passing a constitutional amendment that allows for changes to future, unearned benefits.
There’s a lot of talk about renewed bipartisanship and a new day in Springfield. Dozens of state lawmakers have already opted out of the pension system. The General Assembly should take the lead and phase out their own defined-benefit system and get to work on a constitutional fix for the rest of Illinois’ pension mess.
A former Edwardsville university administrator and a retired judge each have collected more than $3 million in pension payments. Too little paid in with too much taken out is the heart of Illinois’ pension crisis.
Outgoing Mayor Rahm Emanuel is publicly pushing for a constitutional amendment to the state’s pension clause. Pension reform is the only way to combat rising property taxes and prevent further budget chaos in Illinois state and local governments.
Fitch Ratings has issued a warning about a pension plan pushed by one Illinois think tank, which includes no reform and would harm the state’s credit rating. The response from the Center for Tax and Budget Accountability proves how indefensible the plan really is.
Pension payouts collected by the Belleville area’s top-earning school retirees underscore the need to reform Illinois’ unaffordable pension system.
Pension costs now consume nearly 70 percent of the city’s annual property tax levy. It may not be enough.